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J],orOBIP 3ACTABI1 l(CH J],OrOBIP 3ACTABI1 ("JJ,oroBip") YKnaneHI1H 10 4epBH51 2010 pOKY B ,\1 iCTi M}I Kona'1'B, Y l<pa'lH3,

Mille Bl,UKPI1TI1M AKUIOHEPHI1M TOBAPI1CTBOM "BAJ],AH 5IPJ],C OKEAH" (inellTl1cPiKaujHHI1H KOn 14307653), IOPHl1.l1LIHOIOOC0601O, 3apeecrponaHolO Ta icHylO401O 3a 33KOHOilaBCTBOM YKpai'lIH ("3acTaBonaBcub"), w,o Mac \[IClle3HaXOLJ)KeHH5I 3a anpecolo: 3anonCbKa nnow,a 1, \1. i'v1!IKOJlai'B, YKpa'lHa, 54050, n oc06i Horo reHepaJ1bHOrO !wpeKTOpa n. POMaHLIyKa MI1KOnl1 ITaBnOBl1'Ja, 51KI1Hnic Ha ni)lCTaBi CTaTyTy Ta npo'1'oKony Harn5lnOBoY PanH BAT "BanaH 5Jpnc OKeaH" .N210106/201 0 Bin 10 4epBH5I2010 pOKY; '1'a noi13AHTEP XOJlWl-Il'3 JlTJ],. (peccTpauiHHI1H HOMep HE 249122), 10pllLJ.II'IHOIOOC06010, 3apeecTponaHoio '1'a iCllYI04010 3a JilKOHOnaBc'1'BoM Pecny6JIiKH Kinp ("3acTanonep:llmTenb"), 11.\0 \laC Micue3Haxon/l(eHH5I 3a anpecOlo: KiMoHoc 43A, J1iMacon Kinp, ITC3095 B oc06i AHnpi5! Bi'1'MiHoBH4a KipMa4a, 51KHH \lelUKac 3a anpecOlo: ByJI. J],BiHcbKa, 19, KB. 49, M. KI1'1B,YKpa'irIa, nacnopT cepi'l CO .N2 498579, BIILlaHI1H 4 nl1C'1'Onana 2000 pOKY J],HinpOBCbKIIM PY ry MBC YKpa'illH B MiCTi KI1CBi, ll.\0 nic Ha l1inCTaBi nOBipeHoc'1'i Bin 05 '1'paBH512010 pOKY. 3acTaBOnep)Kil'1'enb Ta 3acraBonaBeUb "CTOPOIIII". a OKpeMO - "CTopolla", HanMi pmoM Ha3I1BaIO'1'bC5I

PLEDGE AGREEMENT This PLEDGE AGREEMENT (the "Agreement") entered into on .J une lO, 2010 in Mykolayiv, Ukraine and between:

is by

OPEN JOlNT STOCK COMPANY "WADAN YARDS OKEAN" (identification code 14307653), a legal entity incorporated and existing under the laws of Ukraine (the "Pledgor") and having its registered office at I Zavodska Plosbcha, city of Mykolaiv, 54050, Ukraine, represented by its General Director, Mr. Romanchuk Mykola Pavlovych, acting pursuant to the Charter and the minutes of the Supervisory Board of OJSC "Wadan Yards Okean" No, 10106/2010 dated June 10,2010; and POIZANTER HOLDINGS LTD. (registration number HE 249122) a legal entity incorporated and existing under the laws of Republic of Cyprus (tbe "Pledgee") and having its registered office at Kimonos 43A, Limassol, Cyprus, P.S. 3095 represented by Andriy V. Kirmach, residing at 19 Dvinska Str., Apt. 49, Kyiv Ukraine, passpoli No, CO 498579, issued by Dniprovskyi RU G U U MVS in the city of Kyiv on November 4, 2000, acting on the basis of the Power of Attorney issued on 05 May 2010, The Pledgor and the Pledgee are hereinafter referred to collectively as the "Parties", and individually as a "Party". RECITALS A. Whereas the Pledgee has assumed all rights and obligations of the Lender with respect to the Pledgor under Term Loan Facility Agreement No.1, dated May 19, 2009, as subsequently amended by respective additional agreements for the total facility amount not exceeding EUR 15,000,000 (fifteen million Euro) and Term Loan Facility Agreement No, 5, dated June 14, 2007, as subsequently amended by respective additional agreements for the total facility amount not exceeding EUR 45,000,000 (forty five million Euro) to which the Pledgor is a party (the "Facility Agreements");

ITPEAM6Y JIA A. OCKinbKH 3acraBOnep)llTenb npI1HH5IB Ha ce6e Bci npaBa Ta 3060s'513aHH5I Kpeill1TOpa no BinHoweHHlo no 3ac'1'aBOnaBU51 3a J],oroBopoM C'1'POKOBO'! Kpe,UI1THO'iniHi'i .N2 1 Bin 19 rpaBlI5I 2009 pOKY, 3 nOnMbWI1MH 3Mil-IaMH '1'a nonOBHeHH5IMI1 no Hboro, BHeCeHI1MI1 BinnOBiWll1MH nOnaTKOBHMI1 yronaMI1, cyKynHa cyMa Kpenl1'1'y 3a 51KHM He nepeBHw.ye 15 000 000 (1l'51TIJat'lLl/lTbMinbHol-ril3) E:BPO, '1'a 3a J],or0130pOM C'1'POK0I30'! Kpenll'1'HO'!niHii' .N2 5 nin 14 LIepBHlI 2007 pOKY, 3 nO,lJ,MbWI1MH 3MiHaMl1 '1'a ,UonOBHeHH5IMH no Hboro, BHeCeHHMI1 IJi)lnol3iWll-lMH )].O)la'1'KOBHMH yronaMH, cyKynHa cyMa Kpe)l.lHy 3a 5l1<I1M lie nepel3l-tlUYc 45000000 (COpOK n'lI'1'b MinbHoHiB) CBpO, CTOpOHOIO 51KYIX e 3aC'1'aBo)].aBeUb (" KpeLUITlli )],orOBoplI"); B, OCKinbKl1 ,rJ,JUI 3a6e3ne4eHH5I nonepHeHH5I 3aCTaBouaBeileM Bcix CYM, HMe/l(HHX )].0 Cnna'1'l1 3aCTaIJO)lep)Ka'1'emO 3a KpenKTHI1MH J],or0I30paMH, 3aC'1'aBonaBellb nOrO)lHBC5I HanaTYI n nepW04eproBy 3acTaBy rIpe)lMe'1' 3aC'1'aBYI(3a BH3Ha4CHH5IM Uboro '1'epMiHy HI1)K'-[C)Ha yMoBax, BH3HaQeHl1Xy l~bOMYJ],oroBopi, B11XO,n.5JtIH 3 BI1U~E3A3HAqEHOrO, CropOHH llbOro ,[\oroBopy L(OMOBl1nI1Cb npo TaKe: CTATT5I 3ACTABA: 3ArAJIhHI
1

B, Whereas in order to secure repayment by the Pledgor of all of the amounts owing to the Pledgee pursuant to the Pacil ity Agreements, the Pledgor agreed to grant a first ranking pledge over the Collateral (as further defined) on the terms and conditions set forth herein, NOW, THEREFORE, the Parties hereto agree as follows: ARTICLE 1 TERMS PLEDGE: GENERAL

YMOBI1

1,1 tlMaHH5I 3ac'1'aBH 3aCTaBOiJ,aBl\eM. J],J151 3a6e3neQeHH5l Hane)KHOro Ta CBOCqaCHOrO BHKOHaHH5I 3aC'1'anOiJ,aBlleM 3a6c3ne'lCHHX 3060B'513aHb, Bl13Ha4eHl1X y ITyHK'1'i 1.4 llbOro )\OrOBoPY, 3aC'1'anO)laBeUb llHM nepenae 3acraBOnep)Ka'1'eJIIO y flCpIIlOlJeproBy 3aC'1'aBY (3 HaHBHLllI1M npioplne'1'OM) ("3aCTaBa") ITpe)].MC'1' 3aCTaBH, 1,2 flpeUMe'1' 3aCTaBH, ITpeLIMe'1'oM 3aCTaBl1 e pyxoMe MaHIIo 3acTilBouaBll5l, nepeJIiK 5IKoro HanaHO y J],ona'1'Ky A no Uboro

1,1 Pledgor's Grant of Pledge. As security for the proper and timely performance by the Pledgor of the Secured Obligations as defined in Section 1.4 hereof, the Pledgor hereby grants to the Pledgee a first-ranking pledge (the "Pledge") over the Collateral. 1.2 The Collateral. The Collateral shall be the movable property of the Pledgor, the list of which JS

,[IoroBopy. 1.3 BapTicTb Ilpe,gMeTy 3aCTaBH. CTOpOHH nOrO,IJ)KyIOTbC5I, ill0 BapTicTb Ilpe,UMeTy 3aCTaBH Ha ,UaTy yKJ1a,UeHH5I Uboro ,[IoroBopy CKJlanaC 25 818 241,00 (,UBa'uUJlTb n'51Tb MiJlbHOHiB BiciMCOT BiciMHa'uU5ITb THC5I'l ,UsicTi COpOK O,UHa) rpHBH5I piBHO. ,[Iml YlHlKHeHH5I cyMHiBiB, CTOpOl-lH Uboro ,l],oroBopy np5lMO f10ro.llJl{YIOTbC5I, IllO TaKa sapTicTb B )l{onHoMy pa3i He 3MeHwyc npaB 3aCTaBo.uep}KaTeJl51 Ha oTpHMaHH5I nOBHoi' OnJlaTl1 3a6e3f1ClJeHHX3060B' 513aHb. 1.4 3a6e3neereHi 3060B'513HHH5I, 1.4,1 L(eH ,l],orosip Ta CTBOpeHa HHM 3acTasa 3a6e3neerYlOTb cn.naTY Ta BHKOHaHH5I 3acrHBo,UaBueM Bcix 3a6e3ne'leHHX 3060B'513aHb y Me}KaX CYMH, BH3HayeHoi' y IlyHKTi 1.4.2 H]1}Kere ("3a6c3nc'lcHl1X 3060B'5J3aHb"), a caMe: (a) Bcix nJlaTilKI-lHX 3060B'513aHb Ha CyMy, BH3HalJeHY y nYflKTi 1:4.2 UbOro ,l],orosopy, 51KiB 6Y,Ub-51KHHerac ni,UJl5lralOTb cnnaTi, C 3a60proBaHHMH a60 6yJlH npHHH5ITi Ha ce6e 3acTaBo.uaBueM 3a Kpe,UHTHHMH ,l],oroBopaMH, Ha KOpHCTb 3aCTaBO.llep}KaTeJl51, iCHylO'lHX Ta MaH6yTHix, y TOMy erHcJli, 6e3 o6Me)j{cHH51,mono CnJlaTH scix OCHOBHHX CYM, npoueHTiB Ta 6ynb-51KI1X KOMicii:JHI1X, 36opiB, Bi,UIllKonYBaHb a60 iHWl1x f1naTe)KiB, HaJJe)l{HHX ,UO CnJlaTH 3aCTaBonaBueM 3a KpenHTHwvm ,Uor0llOpaMH a60 6ynb-51KHM 3 HHX (npH HacTaHHi CTpOKyOfUlaTI1, B pe3yJlbTaTi CKOpOyeHH51 CTpOKy nJlaTe}KY a60 iHUlHMlIHHOM), Y Mell<aX, SH3Ha"leHHX y IlyHKTi 1.4.2; Ta (b) CyM Bi,UllIKO,UYBaHH5I 3aCTaBo,Uep)l{aTeJlIO 6Y,Ub-51KI1XTa Beix SI1TpaT, nOHcceHHX 3aCTaBo,Uep)l{aTeJTeM y 3B'513KY 3 KpeJlllTHHMH ,l],oroBopaMH TaJa60 UI1M ,UorOBopOM, Ha lliilWKO.llYBaHH5I 51KHX 3aCTal30nCpll<aTeJTb MOll{e MaTI1 npaJ30 llinf1oJ3i,1.HO,uo 'IllHHOro yKpai'HcbKoro 3aKOHo,UaBCTBa, B MC)KaX, IlH3Ha'leHI1X y IlyHKTi 1.4.2.
1.4.2 CTOpOHI1 norO,Ull{YIOTbC5I 3 THM, mo MaKCHMaJJbHa cyMa 3a6c3I1e'leHHX 306oB'513aHb cTalloBHTb 3araJJbHY CyMy KpenHTiJ3 B p03Mipi 60 000 000 EUR (llIicT,UeC5IT MiJTbomrin CBpO), u~o CTaHOM lIa ,UaTy UbOro ,UOroBOpy CTaHOBI1Tb eKBiBaJJeHT 570,578,280.00 (n'51TCOT CiMneC5IT MiJlbHOHiB n'51TcoT ciMnec5IT BiciMTIIC5fl1 nBicTi BiciMnec5IT) rpHBeHb 3a oejJiuiHHHM KypCOM, IlCTaHOBJleHI1M HauioHaJJbHHM 6aHKoM YKpai'HH Ha naTY YKJlaneHH51 Uboro ,UoroBopy Ta CyMy Bi,UcoTKiB, mo ni,UJT5IraIOTb cf1naTi 3a BeCb 'lac cjJaKTwllloro Kopl1cTyBaHH5I Kpe,UI1THHMI1 KOliITaMH 3a KpeJJ,HTHHMI1,UoroBOpaMI1.

as Appendix A hereto. Value of Collateral. The parties agree that the value of the Collateral as of the date of this Agreeme is 25,818,241.00 (twenty five million eight hundre"" eighteen thousand and twenty hundred forty one) Hryvnias. For the avoidance of doubt, the Parties heretl expressly agree that such value shall not prejudice L any manner the rights of the Pledgee to receive payment of the Secured Obligations in full. 1.4 Secured Obligations.
1.3

attached

1.4.1 This Agreement and the Pledge created hereby secure the payment and performance by the Pledgor of all of the Secured Obligations within the amount se fOlih in Section 1.4.2 below (the "Securc< Obligations"), which constitute the following: (a) all payment obligations in the amount determine in Section 1.4.2 hereof at any time due, owing 0: incurred by the Pledgor under the Facility Agreements in favour of the Pledgee, whether present or future including, without limitation, the payment of al principal, interest, and any premia, fees, indemnities 01 other payments due from the Pledgor under the Facility Agreements (whether at stated maturity, as a result 0, acceleration or otherwise) within the limits set forth ir Section 1.4.2; and (b) reimbursement to the Pledgee of any and al Expenses incurred by the Pledgee in connection with the Facility Agreements and/or this Agreement to \vhich the Pledgee may be entitled under applicable Ukrainian legislation within the limits set forth in Section 1.4.2.
1.4.2 The Parties hereby agree that the maximum amount of the Secured Obligations is 60,000,000 (sixty million) EUR, that as of the date of this Agreementconstitutes the equivalent of 570,578,280.00 (five hundred seventy million five hundred seventy eight thousand and two hundred and eighty) UAH which is equivalent according to the official exchange rate established by the National Bank of Ukraine on the date hereof and the amount of accumulated interest that is due for the overall term of the actual use of the funds under the Facility Agreements. 1.4.3 The Secured Obligations shall have such term as set forth in the Faci lity Agreements, i.e., \1ay 19, 2014. For the avoidance of doubt, this Agreement shall remain in full force and effect for the entire term of the Facility Agreements until all of the Secured Ob:isatons have been satisfied in full (the "Security Period'). 1.5 Registration. In order to give full effect and validity to the Pledge as a first-rankir:g security the Pledgee shall register this Pledge in the State Register of Encumbrances over Movable Property (the "State Register of Encumbrances") in 2.cco~da:1ce with applicable Ukrainian legislation. The P:ecgor expressly agrees to provide the Pledgee \\:t:: 1] 2.ssistar.ce requested by the Pledgee for P'lQoses of suc:J. registration, including, inter alia, Jearir.g "il related to such registration.

1.4.3 3a6e3ne'leHi 3060B'513aHH5I MaTI1MYTb TaKI1H CTpOK, 51KI1H 1l113Ha"leHHH.llJl51 HHX B KpenHTHI1X ,UoroBopax, T06TO 19 TpallH51 2014 pOKY. ,UJl51 yHHK[-IeHH5I CyMHiBiB, ueo ,UoroBip nponolJ)Kyc MaTJ1 IOpHnW1Hy CHJlY ynponOBlK CTpOKy Jdi' KpenilTHl1X ,Uorol3opiB, no nOBHoro nI1KOHaHH5I Bcix 3aoc3nelfeHI1x 306oB'513aHb ("Ilcpion 3a6c3nC'leHH5J") .. 1.5 PeccTpaui5l. .D:JJ51Ha,UaHH5I nOBHOi' CI1JTH Ta YI1HHOCTi 3uCTaBi B 51KOCTi nepUJOYeprOBOro 3a6e3ne'leHH51, :3uCTaIlOJ~ep)KaTeJlb3apeccTpyc UIO 3acTaBy B ,UeplKaBHoMy pecCTpi o6TmKeHb pyxoMoro MaHHa (")l,cplKaBHHH PCCCTP 06nl)j{cHb") y BinnoBi,UHoCTi 3 '1I1HHI1M 3aKoHo,UaBCTBoM YKpa11Il1. 3aCTaBoJJ,aBeUb 1.IiTKO noron)l{YCTbC5I HanaBaTI1 3aeTaBOnep)KaTemO BCIO nonoMory, He06xiJJ,Hy 3acraBOnepJl<aTemo nJl51 uiJleD TaKo'" peccTpauii', y TOMy '1HCJli, 3-I1!J.\li.)/c i1llU020, HeCTI1 Bci nOB'513aHi 3 peccrpauiclO BI1TpaTI1.

ARTICLE

3ATIEBHEHH51, rAPAHTII TA 30liOB'513AHH5I 3ACTABOj],ABU51 2.1 3aneBHeHHii Ta rapaHTiY 3acTaBonaBUiI. UYlM 3acraBona[JeUb HanaC 3acTa[Jol\ep>KaTeJIIO TaKi 3anellHeHH5I Ta rapallTi'! ra 3060B' 513YTbC51 3a6e3ne411TH, lU06 Ha naTY yKnaneHH5I Uboro AOroBOpy Ta BnpOnO[J)K TIepiony 3a6e3nel!eHH5I HI1}K4eHaBeneHi nOJIO>KeHH5l 6YJII1 BipHHMI1 Ta rOlJHHMll; 2.1.1 3acTaBonaBeUb C I0PYlJJ,WIHOI0 oc06010, CTrJOpeHOI0 y c!JOpMi BinKpHToro aKuioHepHoro TOBapHcTBa, 51Ka Hane}KHYlM lll1HOM cTBopeHa, 3apeccTpoBaHa Ta iCHyc BinnoBinHo no 3aKOHOnaBCTBa YKpa'!HYl; 3acTaBOnaBeUb Mac Rci npaBa 10pl1nWJ!-lO'! oc06Yl, nOBHOBJ)KeHlI5I, npaBa Ta npaB03naTHicTb ,D,JI5Ini,D,nI1CaHH5I Ta BI1KOHaHH5I UbOro AoroBopy, ,D,JI5I oepopMJIeHH5I Ta Bl1nalJi nOKyMeHTiB, HanaHH5I 51KHX IlYlMaraCTbC5I Bi,[( Hboro 3a UYlM l(oroBopoM', Ta nJI5I nepenalJi B 3acTaBy IlpenMeTy 3aCTaBYl, 51K ncpen6a"leHo UYlM AoroBopoM. 3acTaBonaBeUb 3nitlcHl1B Bci He06xi,[(Hi lliY (y TOl\IY ljl1cJli Rci KopnopaTHBHi ,[(i'l), He06xi,[(Hi nn51 ninmlcaHHll Ta BI1KOHaHH51Uboro AoroBopy Ta nOKyMeHTiB, Ul0 MaIOTb 6YTl1 l-Ial\aHi HHM 3a Ul1M AoroBopoM, a TaKO>K )JJIJI Ilcpena'li B 3acTaBy IlpenMeTy 3aCTaBl1; 2.1.3 Ll,el1 AoroBip 6yB ninnYlcaHl1t1 Hane}KHI1M lJYlHOM ynoBHolla)J(eIlYlMYl npencTaBHHKaMI1 3acTaBOnaBu51 i, proOM 3 yciMa iHWl-lMYl,[(OKyMeHTaMI1, Hal\aHH5I 51KI1XBI1MaraCTbC5I Bin Hboro 3a UYlMAorOBopOM, CTaHOBI1Tb ,D,itlcHe Ta TaKe, lUO Mac 3050B' 513anbHY CI1JIY, 3060B' 513aHH5I 3acraBO,D,aBU5I, lUO MO}Ke 6yTl1 3BepHeHe no BHKOHaHH5I lUono 3aCTaBonaBUll y BinnOBinHocTi 3 tloro YMoBaMYl; 2.1.4 OKpiM uiei' 3aCTaBYl, 3aCTaBO,D,aBeub C CnYlHI1M Ta BI1KmOlll1l1M 3aKOHHI1M BnaCHYIKOM IlpenMeTa 3acTaBH Ta Bononic Ilpel\MeToM 3acTaBH, ll\O C BiJIbHHM Bill. 6ynb-51KHx 06r51>KeHb, 3acTaB, OpeHl\H, nepeBa>KHl1X npaB, npaB KyniBJIi Ta nepeBatKHoro npHn6aHH51, i TIpel\MeT 3aCTaBI1 He C 06'CKTOM 6ynb-ilKoro cnopy, CYAoBoro npouecy, npaBa Ha 3aniK a60 3ycrpilJHOrO n030By. OKpiM peccTpauii1 uk! 3aCTaBH y l(ep}KaBHoMy PeccTpi 06T51IKeHb l\JIll HaAaHH51 lIHHHOCTi, CTBOpeHH5l Ta 36epe}j(eHH5I 3aCTaBl1 51K nepW04eprOBoro 3a6e3nellCHH5I He BYlMaraCTbC5l nOl\aHHll >KOl\HHX iHWHX l1oKyMeHTill, 3Ail1cHeHH5l iHUHIX pcccTpauiti a60 OAep}I<aHHJI iHWI1X1103BoniB LUOAOIlpeAMeTa 3aCTaBH a60 6ynb-51Ko'! 110ro lIaCTI1HI1;
2.1.2

REPRESENTATIONS, WARRANTIES AND OBLIGATIONS OF THE PLEDGOR 2.1 Representations and Warranties of Pledgor. The Pledgor hereby represents and warrants to the Pledgee as follows and undertakes to ensure that as of the date hereof and during the Security Period the following provisions are true and correct;
2.t.1

The Pledgor is a legal entity organized in the form of an open joint stock company duly established, registered and validly existing under the laws of Ukraine;

The Pledgor has full corporate power, authority, right and legal capacity to execute and perform under this Agreement, to execute and issue the documents required to be delivered by it hereunder and to grant the Pledge of the Collateral provided for hereunder. The Pledgor has taken all necessary action (including all corporate action) required to authorize the execution and performance of this Agreement and of the documents required to be delivered by it hereunder, as well as the Pledge of the Collateral; 2.1.3 This Agreement has been executed by duly authorized representatives of the Pledgor and, together with all other documents required to be delivered by it hereunder, constitutes the valid and legal1y binding obligation of the Pledgor enforceable against the Pledgor in accordance with its terms;
2.1.2

2.1.4 Except for this Pledge, the Pledgor is the sole and exclusive legal owner of the Collateral and owns the Collateral free and clear of any and all liens, pledges, leases, preemption rights, rights of purchase and first refusal and the Collateral is not subject to any dispute, litigation, set-off or counterclaim. Other than the registration of this Pledge with the State Register of Encumbrances, no other filing, registration or other authorization with respect to all or any part of the Collateral is required to give effect to, create and preserve the Pledge as a first ranking security;

2.1.5 Dpel\MeT 3acTaBH Hane}KHHM 411HOM 06JIiKOByCTbCll Ha 6anaHci 3acTaBonaBU5I, i 6yB nOBHicTI0 CnJIalJeHl1t1 a60 iHWHM llflHOM3aKOHHO npYln6aHHi1 3aC'raBonaBueM; 2.1.6 l(oKyMeHTH, luO 3acBinlJYloTb llpaBo BJIaCHOCTi 3aCraB0l1aBU5l Ha IlpeAMeT 3acTaBI1, C 4HHHYlMYl, 3060B'513YIOlJI1MH Ta nii1cHHMH, i BOHI1 6yJll1 J1lYlCHOI0 3aKOHHOIO niAcTaBolo )JJ15l oTpHMaHH5l 3acTaBoAaBueM Uboro npeJ1MeTy 3acTaBH; 2.1.7 YKnaneHH5I l1bOrO AoroBopy Ta peccTpal1i51 3acTaBH, CTBOpel-JOY3a UHM AoroBopoM, B Aep>KaBHoMy PecCTpi 06Til)KeHb C nocTaTHiMH l1JJil cTBOpeHH5I Ha KOPYlCTb 3aCTaBOnep}KaTeJlil nepwolleproBo'! 3acTaBH Ha IlpenMeT 3aCraBI1; 2.1.8 YluJal\eHH51 3aCTaBO,QaBUeM Uboro AOroBOpy Ta BllKOHaHHil HI1M CBO'!X 060B'il3KiB 3a Hl1M He cynepelJHTb nonOlKeHH51M yCTaHoBlI YlX nOKyMeHTiB 3acTaBOnaBl15l, 6y nb51KoMyAoroBopy Mi}1( 3acTaBonaBueM Ta TpeTbolo OC06010, i 6Yllb-ilKOMY LJYlHHOMY3aKoHonaBcTBy, HopMaTHBHYlM aKTaM, i1aKa3YCYl1Ya60 iHwoMy AOl(yMeHTy 6YAb-llKoro BYlAY, llKHtI

2.1.5 The Collateral is properly accounted for on the Pledgor's balance sheet and has been fully paid for or otherwise lawfully acquired by the Pledgor; 2.1.6 The documents evidencing the Pledgor's ownership right to the Collateral are valid, binding and effective and have been a valid legal ground for the Pledgor to acquire such Collateral; 2.1.7 The execution of this Agreement and registration of the Pledge created hereby with the State Register of Encumbrances is sufficient to establish in favor of the Pledgee a first-ranking Pledge over the Collateral; 2.1.8 The conclusion by the Pledgor of this Agreement and its performance hereunder does not contravene the provisions of the Pledgor's constituent documents, any agreement between the Pledgor and a third party, any applicable legislation, by-laws, court order or other document of any nature whatsoever

CTBOplOC 3060B'll3aHH5I ,LLJI5I 3aCTaBOJl,aBWl; 2.1.9 He nepe6yBac Ha p03rJ151)l,i i He iCHyC 3arp0311 BI1HI1KHeHH5I )KOJl,HOrO cy)l,OBOrO npouecy, p03cJIi)l,yBaHH5I a60 CYJ\OBOronpOBaJl,)KeHH5I y 6YJl,b-51KOMY ap6iTpa)KHoMy opraHi a60 6YJ\b-51KOMY opraHi )l,ep}KaBlw'! BJIa)l,M3 60Ky 3aCTaBO)l,aBU51 a60 1ll01J,0 Hboro, a60 CTOCOBHO ITpe)l,MeTy 3aCTaBI1, a60 CTOCOBHOonepauili, nepeJl,6ayeHMX UMM )J.oroBopoM a60 I{pelJ,l1THHMH)J.oroBopaMH, i 3aCTaBOJl,aBI..(1O He Bi)l,OMO npo 6YJ\b-lIKi BHMOrH a60 cnopM CTOCOBHO 6YJl,b-qOrO 3 BI1111e3a3HayeHoro; 2.1.10 3aCTaBO)l,aBeUb lIe nopywyc i HiKOJIH He OTpHMyBaB IlilJ,6YiJ,b-51KO'! OC06H nOBi)l,OMJIeHH5I a60 iHWOi' npeTeH3i'l npo Te, IUO BiH nopywyc yMOBI1 lIH C He BMKOHYIOQOIOCTOpOHOIO a60 iHillHM YHHOM He Jl,OTpMMyCTbC5IyMOB 6YJl,b-51KOro 3i CBO'IX 3060B'1I3aHb, lUO CTOCYIOTbCli I1peJl,MeTa 3aCTaBM YM BnJlHBalOTb Ha Hboro a60 MOlKYTb cTocyBaTMc5I I1pe)l,MeTa 3aCTaBH'fH' BnJII1HYTI1Ha HbOro; 2.1.11 He iCHyc )J(O)l,HMXBi)l,OMI1X3aCTaBOJl,aBI..(1O)l,oroBopiB, l\OMOBJleHOCTeo,nOJIO)J(eHb, yMOB, npaB a60 6YJl,b-51KI1XiHwl1x 06CTaBi1H,51Ki6Y)l,b-51KHMLII1HOMMO)J(YTb HeraTMBHO BnJlI1HyTH lIa fIpeJ\MeT 3aCTaBH a60 npaBa 3aCTaBOJl,aBWl no BiJl,HOWeHHIO IJ,O Hboro a60 Ha 3acTaBy, cTBopeHy UI1M )J.oroBopoM Ha KOPI1CTb 3aCTaBOlJ,ep)J(aTeJl5l; 2.1.12 3aCTaBO)l,aBeUb lIe oroJlowyBaB ce6e 6aHKpyToM i He CTaB HenJlaTOCnpOMOlKHI1M, i BiH He npHHMaB )KO)l,HOro piweHHlI i He 31J,iHCHIOBaB )J(O)l,HI1XJl,iM Jl,JllI Moro JIiKBiJl,aui'!, caHaui'! (qJiHaHcoBoro 03)l,0pOBJIeHHlI), npYl3HaLIeHHlI lUO)l,O IIboro 3013HiwHboro ynpaBJIiHwl a60 3)l,iHcHeHH5I Moro peopraHi3aui!. IToBTopeHH5I 3aneBHeHb Ta rapaHTiM 3aCTaBO)l,aBUll. I{o)l<lle3 3aneBHeHb Ta rapaHTiH 3aCTaBOJl,aBUll, BYl3HaQeHI1X y l\bOMY ,II:oroBopi, BBa)KaCTbCli nocTiMHo IIOBTOplOBaHI1M ynp0IJ,OB1K BCboro ITepio)l,y 3a6e3neQeHHlI. 3aCTaBOJl,aBeUb 3ane13H5IC Ta rapaHTyc, lUO Ha )l,aTy niJl,III1CaHH5I Uboro AoroBopy Ta Ha )l,aTy 6Y)l,b-lIKOro nOBTOpeHH5I, 5IK nepeJl,6aQeHO Il nOnepeJl,HboMy pelfemIi, 3aneJ3HeHH5I Ta rapaHTii', HaJl,aHi B fIyHKTi 2.1, C BipHHMI1, 110BHl1MH Ta TOQHHMI1, i lUO HOMy He BiiJ,OMi 6YJl,b-51Ki iHWi cjJaKTI1 a60 nHTaHH5I, HeHa)l,aHH5I ill(!lOpMaui'! rrpo 51Ki P06l1Tb a60 MO)Ke 3p06HTI1 6Y)l,b-5IKe i3 3ane8HeHb i 6YJl,b-lIKY i3 rapaHTili, Ha)l,aHI1X y ITyHKTi 2.1, TaKI1MH, 1110BBOJl,51Tb B oMaHy. 2.3 3aCT(80)l,aBeUb BI13HaC Ta nOrO,lJ)KycTbC5I, lUO 3aneIJHeHH5I Tala60 rapaHTi'l, HaJl,aHi HI1M 3a UI1M )J.orOIJOpOM, 6ynH Ta 3aJIHWalOTbCli ni)l,CTaBOIO Jl,JIli YKJIaJl,eHH5I 3aCTaIJOJl,eplKaTeJIeMUboro )J.orOBopy 3 TI1M, lU06, 51KlUO6YJl,b,IKe 3 TaKHX3aneBHeHb Ta/a60 rapaHTiM c, CTaHe a60 BI151BI1TbCli IICnpaBllJlbHI1M, HeBipH11M, TaKI1M, IlIO BBO)l,HTb B oMaHy, a60 IIcnOBHHM, UC CTaHOBHTHMe iCToTHe 110pyweHHlI Horo 3060B'513aHb l1epeJl, 3aCTaBOJl,ep}KaTeJIeM 3a UHM )J.oroBopoM. 2.4 YTpl1MaHHlI Ta 36epelKeHHlI I1peJl,MeTy 3acTaBH. YnpoJ\OIJll( 8Cboro TepMiHy Jl,ij' Uboro )J.oroBopy 3aCTaBOJl,aBeUb 30608'513aHI10,3a BJIaCHHMKOWT i 3 BJIaCHo'l iHiuiaTI1BI1: (a) 3aXI1CT. 3aXI1Illani 3aCTaJ3Y 51K IIepllIOlfeproBy 3aCTaJ3Y IliJ\ Bcix 8l1Mor, rrpeTeH3io, apewTiB a60 6YJl,b-51KI1XIOPI1Jl,l1lfHI1X tIll alJ,MiHicTpaTI1BHHx npoueciJ3, lUO BHCYHYTi, p03noQaTi a60 3arp01KYIOTb 3 60Ky 6Y)l,b-51KO'I rpeTboj' OC06H, Ta 3a6e3ne4YBaT11 411HHicTb: (i) ITpeJl,MeTY 3aCTaBH Ta 6YJl,b-lIKYlX Ta Bcix CBO'iXrrpaB Ha Hboro; Ta (ii) 3aCTaBI1, CTBopeHo'!3a UI1M )~oroBopoM. (b) IHCpopMaui5l. HeBiJl,KJlaAHO HaJl,aBaTH 3aCTaBOJl,ep)KaTemO 6YJ\b-51KY Ta BCIO iHcjJOpMauilO Ta 6Y)l,b-5IKi Ta Bci Jl,OKyMeHTH,

binding on the Pledgor; 2.1.9 No litigation, or before any arbitrator pending or threatened involving any of the transactions contemplated Agreements, nor is the dispute in respect of any

investigation or proceeding of or governmental authority is by or against the Pledgor, or Collateral, or relating to the hereby or by the Facility Pledgor aware of any claim or of the foregoing;

2.1.10 The Pledgor is not, nor has it received any notice or other claim from any party that it is, in breach of or default under, or otherwise not in compliance with the terms and conditions of any of its obligations which relate to or affect or may relate to or affect the Collateral; There are provisions, conditions, known to the Pledgor affect the Collateral or thereto or the Pledge Pledgee;
2.1.11 2.1.12

no agreements, arrangements, rights or any other circumstances that may in any way adversely rights of the Pledgor with respect created hereby in favor of the neither filed for bankruptcy taken a decision or other be liquidated, financially external management or

The Pledgor has nor become insolvent, nor action to cause itself to rehabilitated, put under reorganized.

2.2

2.2 Repetition of Pledgor Representation and Warranties. Each of the representations and warranties of the Pledgor set forth in this Agreement shall be deemed to be continually repeated throughout the Security Period. The Pledgor represents and warrants that, as of the date hereof and the date of any repetition as provided in the preceding sentence, the representations and warranties in Section 2.1 are true, complete and correct, and it has no knowledge of any additional facts or matters the omission of which makes or would make any of the representations and warranties in Section 2.1 misleading. 2.3 The Pledgor acknowledges and agrees that the representations and/or warranties given by it under this Agreement have been a basis for the Pledgee's entry into this Agreement such that if any of such representations and/or warranties is, becomes or proves to be incorrect, untrue, misleading or incomplete, this will constitute a material breach of its obligations to the Pledgee under this Agreement. 2.4 Maintenance and Preservation During the entire term of this Agreement, his own cost and its own initiative: of Collateral. the Pledgor, at

(a) Defense. Shall defend as a first-ranking Pledge against all claims, demands, attachments or any legal or administrative proceedings made, commenced or threatened by any third party and assure validity of (i) the Collateral and any and all of its rights thereto, and (ii) the Pledge created hereunder. (b) Information. Pledgee any and Shall promptly provide to the all information and documentation

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l

requested by the Pledgee concerning the Collateral and to allow the Pledgee to inspect on site any and all of the Collateral and all books and records of the Pledgor and to make copies of such books and records. (c) Expenses. Shall bear and pay any and all expenses necessary for the performance of its obligations hereunder. The Pledgor shall promptly reimburse the Pledgee, as soon as practicable for all liabilities, damages, costs and other expenses that the Pledgee may incur in connection with the enforcement of its rights hereunder or otherwise in connection with this Agreement. (d) Negative Undertakings. Shall refrain from, and shall prevent any third party from committing, any act which may result in the deterioration of the technical and operational state of the Collateral (or any part thereof), or in the latter being damaged, ruined, destroyed or lost. (e) Maintenance. Shall timely and duly perform all acts (including all capital and current refurbishment, renovation, repair, maintenance, restoration and modernization works) in order to ensure at all times the good technical and operational state of the Collateral (and any part thereof), which shall not be worse than that which exists on the effective date (except for normal wear and tear in the process of operation). (f) Damage or loss to Collateral. Shall immediately notify Pledgee if the Collateral (or any part thereof) has been damaged or destroyed and within a period of time acceptable to Pledgee, restore or replace the Collateral or any part thereof with other property of equal value. If such replacement or restoration of the Collateral or a part thereof is impossible, then the Pledgor shall provide other security, satisfactory to Pledgee. (g) Insurance. Shall, at its own expense, insure the Collateral with a reputable insurance company acceptable to the Pledgee against risk of Joss and damage to the full replacement value of the Collateral, and shall maintain such insurance in full force and effect throughout the Security Period. The Pledgee shall be specified as a beneficiary under all insurance policies. The Pledgor shall, immediately after obtaining the insurance policies, deliver to the Pledgee originals of all such insurance policies and other documents evidencing the insurance of the Collateral. 2.5 Free Access. The Pledgor shall ensure that the Pledgee at all times shall have full and free access during normal business hours, and at other times on reasonable notice, to the Collateral, as well as to books, correspondence and records of the Pledgor related to the Collateral, and the Pledgee and its representatives may examine the same, take pictures thereof, take extracts therefrom and make photocopies thereof. The Pledgor agrees to render to the Pledgee at the Pledgor's cost and expense such clerical and other assistance as may be reasonably requested with regard thereto.

2.6 UiJ1bOBe npI13Ha4eHH>l. 3aCTaBO,lJ,aBeU:b nOBI1HeH BIIKOpl1CroBYBani TIpe,lJ,MeT 3aCTaBH y Bi,lJ,noni,lJ,HOCTi 3 Moro lliJlbOBI1M np113Ha4eHH>lM ,lJ,J1>l CBod ,lJ,i>lJ1bHOCTi. 5Y,lJ,b-51Ki rJOJlimlJeHH>l, ,lJ,OnOBHeHH>l Ta MO,lJ,H<!JiKau:iY ,lJ,0 TIpe,lJ,MeTY 3aCTaBI1 nOBl1lmi Bi,lJ,nOBi,lJ,aTI1 u:iJlboBoMy I1pl13HalJeHHfO i He rJOBI'IHHiHeraTI1BHO BnJlI1BaTI1 Ha 6e3neKy BI1KOpI1CTaHH>l a60 CKCI1J1yaTaui'ifIpe,lJ,MeTy 3aCTaBI1 (a60 6Y,lJ,b->lKO'iMoro 4aCTI1HI1) 'III Ha Horo BapTicTb. 2.7 nOBiiJ,OMJleHH>l. 3aCTaBO,lJ,aBeU:b 3060B '513aHI1H IICBi)],l(J1aiJ,HOcnoBimaTI1 3aCTaBO,lJ,ep)l{aTeJIfO, i3 p03yMHO IIco6xiiJ,HOJOiJ,eTaJli3auicfO: (i) npo 6Y,lJ,b->lKY BTpaTy, 3MiHy a60 6Y,llb->lKe 110pyweHH5I 411 cnp06y a60 3arp03y nopyweHH>l CTOCOBIlOfIpe,lJ,MeTy 3acTaBI1; (ii) npo 6Y,lJ,h->lKi He,lJ,oroBipHi a60 iHWi, IUO BI1HI1KafOTb B CI1J1Y 3aKoHy, 06Me)l{eHH>l, o(iTmKeHHlI '!11 3aniKI1, llLO HaKJ1a,lJ,aIDTbCll a60 MmKyTb 6YTI1 HaKJlaiJ,eHi Ha TIpeiJ,MeT 3acTaBH; (iii) rrpo 6Y,lJ,b->lKi C110pl1, npeTeH3i'i, n030BI1, BI1MOrH a60 cY,lJ,oBi rrpou:ecl1 a60 nOTcHuiHHO MO)I(JlI1Bi npoBa,lJ,)KeHH>l IUO,lJ,O 6Y,lJ,b->lKI1X 4aCTI1H f1pCiJ,MCTy 3aCTaBl1 Tala60 6aHKpyTcTBa, IICnJlaTOCnpOMO>KHOCTi411 JliKBi,lJ,al\i'i 3aCTaBO,lJ,aBl\>l; (iv) 6Y,lJ,b>lKi npon0311l\ii', IUO CTOCYfOTbC>l npl1,lJ,6aHH>l 6Y,lJ,b->lKOJO oc06010 6YJ.\b->lKOilJaCTI1HI1 a60 BCboro TIpe,lJ,MeTy 3aCTaBI1; a60 (v) npo HaCTaHH5I 6YJ.\b-51KOiiHwo'i nO,lJ,ii', mo BnJ1I1Bae Ha 6YJ.\b>lliy QaCTI1HY a60 BeCb TIpeJ.\MeT 3aCTaBI1 a60 >lKa 3a 1l11311a'le1lH>lM MO>KeHeraTI1BHO flnJlI1HyTI1 Ha TIpe,lJ,MeT 3aCTaBI1, 'iIIIiHiCTb a60 MO)I{J1I1BicTb npl1MycoBoro BI1KOHaHH5I 3aCTaBI1, CTBOpCHOi' UI1M,lJ,oroBopoM, a60 Ha npaBa 411 3ac0611 npaBoBoro 3aXl1CTY3aCTaBoJ.\ep)l{aTeJ151 3a l\I1M ,lJ,oroBopoM, y TOMy 4I1CJIi, 6C3 06Me>KeI-lH>l, I1pO 6Y,lJ,b->lKi 3MiHI1 <!JaKTiB a60 06CTaBI1H, IIlO,110 >lKI1X 3aCTaBO,lJ,aBl\eM Ha,lJ,aHi 3aneBHeHH>l B UbOMY )(oroBopi. HeraHHo rricJ1>l Ha,lJ,aHH>l TaKoro nOBi,lJ,OMJ1eHH>l 3UCTaBOiJ,aBel\b 3060B'1l3aHI1H, BI-lKJ1J04HO 3a BJ1aCHI1M paxyHoK Ta KOUJTl1,3LdilcHI1TI1 TaKi ,lJ,ii', 3,lJ,iHCHeHH5I 51KI1X,BI1KJ1f04HO Ha IlJlacHI1H p03CyJ.\, MO)I{e BI1MaraTI1 y I.\bOMY 3B'>l3KY 3aCTaBOJ.\ep)KaTeJlb, 30KpeMa, Ha,lJ,aTI1 6Y,lJ,b->lKe ,lJ,oJ.\aTKoBe Tala60 iHwe 3a6e3ne4eHH51, lUO 3a,lJ,OBOJlbH51TI1Me 3~lCTaBOiJ,ep)KaTeJl51. 2.8 KoprrOpaTI-lBHa Ai,\. 3aCTaBoJ.\aBel\b 3060B'513aHI1H iJl(!JOpMYBaTI1 3acTaBoJ.\ep)KaTeJlll npo Bci CBOi' iCToTHi KoprropaTI1BHi J.\ii', y TOMy 4I1CJli, 6e3 06Me)KeHH51, rrpo Bci 'lOOPI1 BI1lI.(Oro opraHy ynpaBJ1iHH5I 3aCTaBO,lJ,aBI.\51, mo npoBofLllTbClI a60 >lKi nJIaHYCTbcll rrpOBeCTI1, 3 ycix nl1TaHb, mo (iyml Bl1piweHi a60 110Bl1HHi 6yTI-l Bl1piweHi Ha TaKI-lX 360pax. 2.9 Irlwi p)'i, IUO BI1MaralOTb OTpI1MaHH51 3rOp,I-l 3acTaBoJ.\ep)KaTeJ111. IJ,I1M 3acTaBoJ.\aBeI.\b 3060B' 513YE:TbC51Ta llOrOiJ,)KyE:TbC>l,IUO BnpOjLOB)K TIepioJ.\y 3a6e3rre4eHH51 Ta 6e3 OTpHMaHHll 1I0nepeJ.\Hbo'i nI1CbMoBO'i 3ro,lJ,11 3aCTaBOjLep)KaTeJI5I, 3acTaBoJ.\aBel\b: (a) He CTBOpfOBaTI1Me, He Ha6yBaTl1Me Ta He jL03BOJl51TI1Me iCflyBRHII5I, aHi npllMo, Hi onocepeJ.\KoBaHo, 6YJ.\b-51KOrO oOTmKellHll (a60 6YJ.\b->lKI1X iHWI1X npaB 4I-l YMOBHI1X Jo(ioB'>l3aHb), 3aniKy lI.(0J.\0 TIpenMeTy 3aCTaBI-l ql1 6YJ.\b-51KO'i iioro lfaCTYIHH,i CBOE:lIaCHO3J.\iHcHloBaTI1Me yci J.\ii', llKi MQ)KYTb Gym Hc06xiJ.\HI1MI1 a60 5lKi BHMarafOTbC51 3acTaBoJ.\ep)KaTeJleM JUI>l3RXl1CTYDpeiJ,MeTY 3aCTaBI1 a60 J.\JI51 3BiJ1bHeHH51 BiJ.\ 6YJ.\b>lKOrOTaKoro 06T5I)KeHI-l51411 3aniKy a60 ,lJ,JI51 'ix yCyHeHH51; (b) He rrp0iJ,aBaTI-lMe, He Bi,lJ,cTynaTI1Me, He nepeJ.\aBaTI1Me Ta illlllHM 11I1HOMHe Bin4y)l{yBaTI1Me Ta He I1pl1rrl1H5lTI1Me )I(O,lJ,HI1X CBO'iXnpaB Ha fIpeJ.\MeT 3aCTaBI-l l[H 6Y,lJ,b->lKYHoro 4aCTI1HY; (c) He 3niHCHfOBaTl1Me a60 He J.\03BOJIllTHMe 3J.\IMcHeHH51 6Y,llb->lKJ1X iJ,iM (KopnOpaTI-lBHHX a60 iHWI1X), >lKi MQ)]{yn,

2.6 Designated Purpose. The Pledgor shall use the Collateral, in accordance with its designated use for operation of its business. Any improvements, additions or modifications to the Collateral, shall be in accordance with the respective designated use and shall not negatively affect the safety of use or operation of any of the Collateral or the value thereof. 2.7 Notification. The Pledgor shall promptly notify the Pledgee and in reasonable detail of (i) any loss, change or infringement or any purport or danger of infringement of the Collateral, (ii) any non-consensual or other statutory charge, encumbrances or set-off imposed or likely to be imposed orr the Collateral, (iii) any disputes, claims, actions, demands or proceedings or any threatened proceedings relating to any of the Collateral and/or the Pledgor's bankruptcy, insolvency or liquidation, (iv) any proposals concerning acquisition by any person of all or any part of the Collateral, or (v) the occurrence of any other event affecting any of the Collateral or that could be expected to have an adverse effect on the Collateral, the validity or enforceability of the Pledge created hereby or on the rights or remedies of the Pledgee hereunder, including, without limitation, allY change in any facts or circumstances represented by the Pledgor in this Agreement. Immediately after such notification, the Pledgor shall, at its sole cost and expense, take such action as the Pledgee may request in connection therewith in its sole discretion, including, without limitation, providing any additional and/or replacement security satisfactory to the Pledgee.

2.8 Corporate Action. The Pledgor is obligated to keep the Pledgee informed of all its material corporate actions, including, without limitation, of all meetings of the highest management body of the Pledgor held or intended to be held with all matters decided or to be decided at such meeting. 2.9 Other Actions Requiring Consent of Pledgee. The Pledgor hereby covenants and agrees that, for the duration of the Security Period and without the prior written consent of the Pledgee, the Pledgor shall not: (a) directly or indirectly grant, create, incur or permit to exist any encumbrance (or any other rights or contingent liabilities), set-off, with respect to the Collateral or any part thereof, and will promptly take such action as may be necessary or requested by the Pledgee defend the Collateral or to discharge or dispose of any such encumbrance or set-off; (b) sell, assign, transfer or otherwise alienate or terminate any or all of its rights to the Collateral or any part thereof; (c) take or permit the taking of any action (corporate or otherwise) that could result in any (i) reorganization

IIpll311CCTI1AO (i) 6Y,Ub-51KO"i peopraHi3au,i"i 3acTaBo,UaBl~51, BkJlI0'laIO'l1! 3MiHy Horo KopnopaTHBHoi" OPMH, 06'AHaHH5I, niJ10KpCMneHH51 a60 nepe,Ually 3Ha4Hoi' LJaCTI1HI1 aKTHlliB 3ucrulloAallU51, a60 (ii) HeraTI1BHHX 3MiH npaB Ta 4aCTKH 3UCTaBOAaBU51 Ta 3acTaBo,Uep)l(aTeJUI 1lJ,0,Uo TIpe,UMeTy 3aCTaBH '1I1IlUpTOCTi TIpeAMeTy 3acTaBH; (d) lie 3UMiHloBan1Me, He peMoHTyBaTI1Me, He npoBo,UHTHMe ,\!OllepHi3auilo Ta He nOJlinwyBaTI1Me TIpe)J,MeT 3acTaBH a60 GYJ\b-51KY Horo 4aCTI1HY, 51KIlJ,OTaKHH peMoHT, Mo,UepHi3aui5l, lIonillUJcllH51 a60 3aMiHa MQ)J(YTb HeraTHBHO BnJ1HHyTH Ha BupricTh TIpeAMeTy 3acTaBH; a60 te) He p03nOLJI1HanUvle, He 3a6e3neQYBaTHMe Ta lie :1031J0nHIIMe JliKBi,L1,auiID, npoBa,U)KeHH5I 1lJ,0,UO BI13HaHH5I IIc[lJlUrOCllpOMO)KHOCTi a60 6Y,Ub-51KY peopraHi3auiID 3ucraBOAaBU51. 2.\ 0 DonuTKoBi 3aneBHeHH51. IJ,HM 3acTaBo,UaBeUb 1I0roJ\)KycTbC51 Ta 3060B'513YTbC51 cniBnpaUIOBaTH B nOBHIH ~lipi i3 3ucTaBo,Uep)KaTeJleM, 1lJ,06 ,UaTH 3acTaBo,Uep)l(aTeJlIO JMOIY3uiHCHI1TH CBo'i npaBa i CKopHCTaTI1C51 3ac06aMH npaBoro 3UXIICTY, nepe,U6alleHHMH UHM )J;oroBopoM Tala60 3aKolloAuBCTBOM YKpa"iHI1. CTATT5:l3 nPABA I 3ACOlil1 nPABOBOrO 3AXI1CTY 3ACTABOJ.I,EP)J(ATEJI5:I 3.1 f1puBU. Ha ,UO):laTOK ,UO iHwHx Horo npaB 3a L1I1M }(OrollOpOM, Kpe,UI1THHMH )J;oroBOpaMI1 a60 3a 3aKoHo,UaBcTBoM yKpa'iH11, 3acTaBo,Uep)l(aTeJlb Ma ,Uo,UaTKoBi npaBa, 1lJ,0 BI13IIa'leHi y UbOMY TIyHKTi 3.1. ), I, I P03ronOWeHH5I, 3acTaBo,Uep)KaTenb MO)l(e p03KpHBaTl1 TpCTiMoco6aM iHCpopMauiID, wo CTOCYTbC51TIpe,UMeTy 3aCTaBH Ta 3acTUBOAaBl(5I, OTpl1MaHy 3a Kpe,UI1THI1MH )J;oroBopaMH a60 3a 1(lIM J],oroBopoM, B 06c5I3i, 1lJ,0 He06xi,UHHH ,Un51 peani3auii' 1111.11 CBOi'XnpaB 3a UHM )J;orOBopOM, OKpiM BHna,UKiB, KOJlH ue Ilp51MO 3a60poHeHo 6ynb-5IKHM CfHHHHM3aKOHo,UaBCTBOM. 3.1.2 TIoBinOMJleHH51 npo BHna,UoK HeBHKOHaHH5I 3060B'513aHb. HacTaHH5I BHna,UKy HeBI1KOHaHH5I 3060B'513aHb 1l0cBinLJycTbc5I nHCbMOBHM nOBi,UoMJleHH5IM, 51Ke Ha,UaTbC5I 3ucTUBOnep)KaTeJleM 3acTaBonaBUID (Hanani - "noBi,ll.OMJ1eHH5I flpO Bl1nanOK HeBHlWHaHH5I 306oB'Sl3aHb"). TIoBi,UoMJleHH5I IlpO BHna,UoK HeBHKOHaHH5I 3060B'513aHb nOBHHHO MicTHTH TUKe (51Kll(O iHwe He BHMaraTbC5I 3aKoHonaBCTBoM YKpai'HH): (I) 3a51BY 3aCTaBOJ\ep)KaTeJJ51 npo BHna,UoK HeBHKOHaHH5I 3060B'513aHh Tn Horo OIlHC, (2) 3aranbHY CyMy nJ1aTi)J(HI1X 30608'513aHb, ll(0 MalOTb 6yTH BHKoHaHi 3acTaBonaBueM y 51KOCTi n03HLJaJJbHHKa (3) onHC ITpenMeTa 3acTaBH, (4) BII3HalJeHH5I n03acy,UoBoro cnoc06y 3BepHeHH5I CT5IrHeHH5I, 1Jl16paHoro 3acTaBo,Uep)KaTeJleM ,UJl51 3a,UOBOJleHH5I 3u6c3nc'leHHx 3060B'5I3allb, 1'a (5) BHMory 3acTaBo,Uep)J(aTeJI51 ;lO 3acTaBo,UaBu51 npo yCyHeHH5I Bl1na,UKy HeBHKoHaHH5I 3060B'513aHb Ta npo nepe,Ua'-ly 3acTaBo,Uep)](aTemO ITpe,UMeTa 3acTaBI1 ynpOJl,OB)I( 30-,UeHHoro TepMiHy 3 ,UaTH pecTpauii' ill(jJOpMaL!i'i npo 3ajl,OBOJleHH5I 3a6e3ne'-leHI1X 3060B'513aHb 3a paxyHoK BapToCTi TIpe,UMeTa 3aCTaBH B )J;ep)l(aBHoMy PecTpi 06TiDKellb, 51KIlJ,O 3acraBOnep)KaTeJlb 51K n03HclaJlbHHK He IHlflpaBHBTaKe HeBHKOHaHH5I 3060B'513aHb. 3.1.3 ITpaBo BHMal'aTH BHKOHaHH5I 3a6e3ne4eHHX 3060B'513aHb. 3aCTaBo,Uep)KaTenb Ha6yBa npaBa BHMaraTH IJIIKOHaHH5I3a6e3nelleHHx 3060B'513aHb, He3ane)l(1-IO Bi,U Toro, 'III HaCTaB CTpOK 'ix BHKOHaHH5I, 3 6YAb-51KHX np114HH, f1031l0J1eHI1X Kpe,UHTHHMH )J;oroBopaMH, y TOMy '-lHCJ1i, 6e3 06MC)KeHH51,npH HaCTaHlli 6y nb-51Ko"i 3 1'aKHX 06CTaBHH:

of the Pledgor, including a change of its corporate fonn, merger, spin off, or transfer of a substantial part of the Pledgor's assets, or (ii) adverse affect on the rights and interests of the Pledgor and the Pledgee in and to the Collateral or the value thereof; (d) replace, Collateral or modernization, adversely affect repair, modernize and improve the any part thereof, if such repair, improvement or replacement may the value of the Collateral; or or permit any liquidation or or any reorganization of the

(e) initiate, cause insolvency proceedings Pledgor.

2.10 Further Assurance. The Pledgor hereby agrees and is obligated to cooperate fully with the Pledgee in order to enable the Pledgee to exercise its rights and remedies under this Agreement and/or under Ukrainian legislation. ARTICLE 3 RIGHTS AND REMEDIES OF THE PLEDGEE 3.1 Rights. Agreement, the legislation, the as are set forth In addition to its other rights under this Facility Agreements or under Ukrainian Pledgee shall have such additional rights in this Section 3.l.

3.1.1 Disclosure. The Pledgee may disclose to third parties information concerning the Collateral and the Pledgor obtained under the Facility Agreements or this Agreement, to the extent reasonably necessary for purposes of realization of its rights hereunder, except where expressly prohibited by any applicable law. 3.1.2 Default Notice. The occurrence of an Event of Default shall be evidenced by a written notice issued by the Pledgee to the Pledgor (the "Default Notice"). The Default Notice shall include the following (unless otherwise required by Ukrainian legislation): (l) the Pledgee's declaration of the occurrence of an Event of Default and description thereof, (2) the total amount of the payment obligations to be satisfied by the Pledgee as the borrower, (3) description of the Collateral, (4) determ ination of the out of court procedure to satisfy the Secured Obligations chosen by the Pledgee, and (5) the Pledgee's demand to the Pledgor to remedy an Event of Default and the demand to the Pledgor to transfer the Collateral into the possession of the Pledgee within a 3D-day period from the date of registration of information on satisfaction of the Secured Obligations from the value of Collateral in the State Register of Encumbrances, if the Pledgor as the borrower failed to remedy a default.

3.1.3 Right to Demand Performance of Secured Obligations. The Pledgee has the right to demand the fulfillment and performance of the Secured Obligations, regardless of whether such fulfillment or performance has become due, for any reason permitted under the Facility Agreements, including, without limitation, if

(a) iHwa, Hi)l{ 3aCTaBOJl,epiI<aTeJlb, CTHrHeHH5I Ha TIpe,D,MeT 3aCTaBI1; a60

oc06a

Ha6yJla

npaBa

any of the following occurs: (a) any person other than the Pledgee right to foreclose on the Collateral; or

has acquired

(b) npom 3aCTaBO,D,aBU51 oopyweHo npOBa,D,)l{eHH5I npo 8113HaHH5IHenJlaTOCnpOMO)l{HOCTi, 6aHKpyTcTBa a60 CXO)l(e IlpOBa,lJ,iKCHH5I, a60 3acTaBo,UaBLl,51 orOJlOWeHO 6aHKpyToM; a60 (c) npYlHH5ITOpiwel-lH5I npo JliKBi,UauiJo 3acTaBo,UaBU5l,

(b) an insolvency, bankruptcy or similar proceeding has been initiated against the Pledgor, or the Pledgor has been declared bankrupt; or (c) a decision has been taken regarding the liquidation of the Pledgor, and for the avoidance of doubt any or all of the foregoing shall constitute an Event of Default. 3,1.4 Rights and Remedies Cumulative. All rights and remedies of the Pledgee under this Agreement are cumulative and exercisable singly or concurrently at the Pledgee's discretion. Non-exercise of or a failure to exercise a right or remedy by the Pledgee is not a waiver of that right or remedy. 3.2 Foreclosure. In addition to the Pledgee's other rights under this Agreement, if an Event of Default has occurred, the Pledgee shall have the right to foreclose on and/or sell any or all of the Collateral and to take any and all necessary steps to ensure that the Pledgee receives the full satisfaction of the Secured Obligations at the account of the Collateral on a priority basis over all other creditors, without judicial recourse (unless required under Ukrainian legislation, and then only to the extent so required), and the Pledgor shall fully cooperate and provide the Pledgee with all necessary assistance and take such action as the Pledgee may request in order to enable the Pledgee to take such steps and receive such satisfaction of the Secured Obligations, At the Pledgee's choice, and to the maximum extent not prohibited by Ukrainian legislation, the Collateral (or such portion thereof as determined by the Pledgee) may be sold, or otherwise used to satisfy the Secured Obligations, without recourse to court (however, the foregoing shall not be interpreted as preventing the Pledgee from applying to court in order to foreclose on the Collateral if and when it deems appropriate). Within extra-judicial procedures, the Pledgee shall have the right in its discretion to chose the procedure for sale or other utilization of the Collateral for the satisfaction of the Secured Obligations, from amongst the following options:

i Jl,.JUI YHYlKHeHH5IcyMHiBiB 6Y,Ub-51Ka 3 BI1liJ,e3a3HaqeHI1X nO,UiH a60 Bci BOHYI pa30M E:BHna,D,KOM HeBHKOHaHH5I 3060B'513aHb. 3.1.4 CyKynl-li npasa Ta 3ac06H npasosoro 3aXI1CTy. Bci npaBa Ta 3ac06Y1 npaBOBoro 3UXl1CTY 3UCTaBO,D,ep)l{aTeJ151 3a UI1M ).(oroBopoM E:CYKYOHI1MI1i MOiKYTb 6YTl1 3,UiHcHeHi OKpCMO a60 OJ\HO'IaCHO Ha p03Cy,D, 3aCTaBO,D,Cp)KaTeJ151. HeBI1KOpI1CTaHH5I a60 HC3,lJ,iHCHCHH5I 3acTaBo,Uep)KUTeJ1eM 6Y,Ub-51.Koro npaBa a60 3ac06y npaBOBoro 3aXI1cTY He E: Bi,UMOBOIO Bi,U TaKoro npaBa a60 3ac06y npaBoBoro 3aXI1CTY. 3,2 3BCpHCHH5I. CTilrHeHH5l. J-la ,Uo,UaTOK ,UO iHWYlX npaB 3aCTaBO,lJ,CpiKaTeml 3a UI1M )J,oroBopoM, y pa3i HaCTaHH5I f311na,lJ,KY HCBI1KOHUHH5I. 3060B' 513aHb 3aCTaBo,Uep)l<aTeJ1b lla6yBac npaBo 3BepHyTl1 CT5I.rI-JeHH5I.Ta/a60 peani3yBaTH BeCb llpcJ\MeT 3aCTaBl1 a60 6Y,Ub-51.KYHoro lJaCTHHy Ta B)KI1TI1 Bcix Ilc06xi,lJ,HYlX 3axoJl,iB ,UJ151.3a6e3neQeHH5I. 3ucTaBo,Uep)l(aTemO nOBHoro 3UJl,OB0J1eHH5I3u6e3ne4eHl1X 3060B'51.3aHb 3a paxyHoK rIPC,lJ,MCTY 3acTaBH nepeBaiKHO nepe,U BciMa iHWHMI1 f:pC,lJ,HTOpUMH,6e3 3BepHeHH5I. ,UO cy,D,y (51.KliJ,O TiJ1bKI1 TaKe IIlCPIlCIIH5I,UOcy,Uy He BI1MaraE:TbC5I 3aKOHO,D,aBCTBOM YKpa'iHI1, a 3a iCHyBUHI-l51 TaKO"i BI1MOrl1 - TiJ1bKI1 ,D,OTiE:"iMipH, ,D,O51KO"i ue BlIMaraE:TbC5I 3aKOHo,UaBCTBOM YKpa"iHI1); i 3acTaBo,UaBeUb 3060B' 513YTbC5I nOBHicTIO cniBnpaUIOBaTI1 Ta Ha,UaBaTI1 3aCTaBO,lJ,ep)KaTeJ11OBCIO He06xi,UHy ,UonOMory i 3,UiHcHIOBaTI1 TaKi 3aXO,1\H, 51KHX MOiKe BHMaraTH 3acTaBo,Uep)KaTeJ1b ,UJ151 llaJ\aHH5I3aCTaBO,D,ep)l<aTeJ11O MOiKJ1HBOCTi 3,D,iHCHHTHTaKi ,D,i"i Ta :laJ\OBOJlbHYlTYI 3a6e3neqetd 3060B'51.3aHH5I. 3a BH60pOM 3aCTaBO,lJ,ep)KaTeJ151,i y MaKCI1ManbHiH Mipi, He 3a60poHeHiH 3af:OIlOJ\aIJCTBOM YKpa'iHI1, Ilpe,D,MeT 3acTaBH (a60 Horo 'Ii1CTHHa, Bl13HaQeHa 3aCTaBOJl,ep)l{aTeJ1eM) MO)l(e 6YTH llpO/1aHYlHa60 iHwHM qYlHOM BvIKopHcTaHHH ):\1151 3a,1\OB0J1eHH5I 3a6c3ne'lCHYlx 3060B'513aHb, 6e3 3BepHeHH5I. Jl,0 cy,D,y (ue, O,UHaK, Ile nOBlIHHO TJ1YMaQI1TI1Cb 51.Kn036aBJ1eHH5I 3aCTaBO,D,ep)l{aTeJ151 JlpaBa 3BepHeHH5I CT5IrHeHH5I. Ha I1pe,UMeT 3aCTaBl1 y Cy,D,OBOMy IIOp5l,lJ,Ky Y Bl1na,D,KyTa To,Ui, K0J1113acTaBo,Uep)l{aTeJ1b BBa)l{aE: 3a MuiJ1bHe). B Me)KaX cnoc06iB n03aCY,D,OBOrO 3BepHeHH5I CT5IrlICHH51 Ha TIpe,UMeT 3acTaBH, 3aCTaBo,Uep)l{aTeJ1b Mae npaBO Iia BJ1aCHI1H p03Cy,n 06paTYI nOp5l.,UoK npOJl,a)l{y 411 iHworo BIIKopHCTaHH5I TIpe,nMeTa 3aCTaBH ):\1151. 3a,D,OB0J1eHH5I 3a6c3neLJCHI1X 3060B'513aHb cepe,n TaKI1X MO)l{J1HBHXBapiaHTiB: (a) ncpe,naqa 3aCTaBo,UaBueM npaBa BJ1acHocTi Ha TIpe,nMeT 3acTaBlI 3aCTaBO,D,ep)KaTeJ11O ,1\Jl51 3a,Il,OBOJleHH5I i noraWeHH5I 3a6c3neLJCHl1X 3060B '513aHb; (b) npO.ll.i1)1(TIpe.ll.MeTa 3aCTaBl1 3aCTaBO,D,ep)KaTeJ1eM TpeTiH oco6i a60 LJCpe3 Bi,nKpI1THH ayKuioH; a60 (c) 6Y,1\b-51KHH iHWHH nOp5l,UOK, ,n03BOJleHI1H 'JaI<OHOJ\aBCTllOM YKpa'iHI1, 3aCTaBO)lep)KaTeJlb 3060B' 513 aI-Il111 IlHCbMOBO cnoBicTI1TI1 3aCTaBO)laBU51 npo nOp5l,Il,OK peanbauiY, 06paHHH 3aCTaBO)lep)l(aTeJ1eM. BI13Ha 'leH I1H 3aCTaBO,Il,ep)l{aTeJleM 110P5l,lJ,OK BHKOPI1CToByeTbC51 y MaKCI1ManbHiH Mipi, np51MO He 3a60poHcHiH 3aKOHo,UaBCTBOM YKpa'iHH. 3.2.1 f1cpep,alJa IlpenMeTy 3aCTaBI1 3acTaBOnep)KaTeJlIO.

(a) transfer of ownership rights to the Collateral from the Pledgor to the Pledgee in satifaction and discharge of the Secured Obligations; (b) sale of the Collateral by the Pledgee party purchaser or through public sale; or to a third

(c) any other procedure pennitted under Ukrainian legislation. The Pledgee shall notify the Pledgor in writing about the enforcement procedure chosen by the Pledgee. Such procedure shall be implemented to the maximum extent not expressly prohibited by Ukrainian legislation.

(a) 3aCTaBOJlep}KaTeJ1b OC06HCTO a60 Horo uecioHapiH MaE: npaBo npHl1H51T11 y BJ1aCHicTb, BOJ1oniHHll Ta/a60 niJl CBiH KOwrpOJlb Tala60 npOJlaTH, nepew:ml 'IH y iHWHH cnoci6 p03nOp51Jl1ITHClI BciM llpeJl,'vleTOM 3aCTaBH a60 tioro 'IaCTHHOfO 3a noro nificHolO Ha TOH MOMeHT cnjJaBe)JJIHBOfO PHHKOBOIO BavricTlo, BH3Ha4eHOlO 3aCTaBOJlepiKaTeJ1eM i niJlTBepJl}KeHOIO pe3yJlbTaTaMH OUiHKH He3aJle}KHHM ouiHfOBa4eM, llKoro 06HpaE: 3acT(\BO,llep}KilTeJlb ("CnpaBeJlJ1llBa PHlIKoBa BapTicTb"). Y BHna,llKY, 5lKUJ.O 3aCTaBolleplKaTCJ1b a60 Horo uecioHapiH BHpiwIITb npHf:'tWlTH y BJlacHicTb IlpenMeT 3acTaBH 3a UHM ,L(oroBOpO~\, 3aCTaBonaBcUb noroJl}KYTbC51 HeBiJlKJ1aJlHo 3llii1cHIITH a60 3a6e3ne4HTH 3nii1cHeHH51 nepena4i BCboro llpeJlMeTy 3acTaBH 3acTaBO,llep}I<aTeJllo a60 Horo uecioHapilO i 31lii\cHliTH Bci niY, He06xi,llHi ,IlJ151ocjlojJMJ1eHH51 Ta 3JliHCHeHH51 nepena'li llpeLlMeTy 3aCTaBH 3acTaBOJlep}KaTeJ11O a60 Horo ueciolwpilO, y T01\IY l\ylcJ1i, 6e3 o6MC1KeHH51, OOPMHTH i Ha,llaTH 6yllb-51Ki LloroBopH, nOKyMeHTYI a60 iHcTpyMeHTH, UJ.O niLlTBepJllKYIOTb 3roJlY 3aCTaBOLlaBU51 Ha 3p,iHcHeHH51 3acraBoLleplKaTCJ1eM TaKllX npaB, 5lKHX, Ha BJ1aCHHH P03CYJl, MO}Ke BHMaraTH 3aCTaBO,llep}KaTeJlb, OJlep}KaTH 6YJlb-51Ki il03110JIll Ta CXB,lJ1eHH51opraHy Jlep}KaBHo"i BJIa,llH, y TOMy 4HCJ1i, 6C3 06MeiKeHlI51, npaBoBCTallOBJllOIOl\i JlOKYMellTH (51KUJ.O BillllOl1ilHIHi1 llpenMeT 3acTaBII ninJI51rae 060B'513KOBiH pecCTpaui'l), a TaKOiK OCpOpMllT11 i HanaTH LloroBip a60 )],Ol'y"leHTH. LUO HanalOTb 3Mory 3JliilcHeHH51 TaKHX npaB 3aCTaBollep}J{aTeJleM i nepena4i IlpeJlMeTy 3acTaBH HOMy a60 ilo1'o uecioHapifO, Ta BHKOHaTH 6ynb-51Ki iHwi ,Ui"i, 5lKHX MOiKe BIIMa1'anl 3aCTaI30Jlep}KaTeJ1l, Ha I3HKOHaHH5I nOnO}KeHb Uboro TlyHKTy 3.2.J. (b) He 3aI3JlalO'1H WKOJlH npaBaM 3acTaBOJlep}l(aTeJ151, 3DJllCHlOBaHliM y BiJlnOBiJlHOCTi 3 UHM llyHKToM 3.2.1, Y llllna;IKY, 51 K1UO JlJ151 nepeJl6a'leHo"i UHM IlyHKTOM 3.2.1 l1CPC,\(\tli JacTaBOL\epll{aTCJ1l0 llpeJlMeTy 3acTaBH BiJl 3ncTilBOllep}lWTeJI51 BliMaraCTbC51 0,Uep}KaHH5I 6y Jlb-5IK01'O CXBajleHl151 opraHy ,Ucp}l(aBI-IO'i BJ1a,UH, 3,UiHcHeHHll 3aCTaBOJlCp}KaTeJ1eM Horo npaB 3a UHM nyHKToM 3.2.1 M01KJIHBeTiJlbKH nicJ151 Onep}KaHH51 3aCTaBOJlep}l{aTeJ1eM TaK01'O CXBaJ1eHH51 op1'aHy Jlep}KilBlIO'i BJIaJlH, iI 3aTpl1M Ka y BHKopHCTaHltl 3aCTaBOJleplKaTeJ1eM M01'O npaB 3a UHM llyllKTOM 3.2.1 BHaCJ1i,UoK He06xiJl,HOCTi Onep}KaHH51 HHM TaKoro CXBa.neHH51 opraHy Jlep}KaI3Ho"t' BJIaJlH y }l(O,UHOMy pa3i He BIlJlllBanlMe Ha MO}l(J1HBiCTbBHKopHCTaHH51 HHM TaKoro npa13a i lie BBalKaTHMeTbC51Bi,UMOBOlOBill Hboro. 3.2.2 Il.s)ep,alJa TReTiH oc06i lJeRe3 Bip,KpHTHH ayKljioH a60 3a llPIIBaTHOJO yroAOIO. (a) f)Yllh-51Ka lJaCTllIIa tll1 BeCh flpeJlMeT 3aCTa13H MOiKYTb 6yTI1 nepeL\aHi a60 npoJlalii tlCpCJ lJiLU{PHTHI\ aYKl.liol\ a60 3a npHBaTHoJO yroJlolo (tiH HH3KOIO TaKliX ayKuioHi13 a60 yroD.), ~KinpOBOJlIlTliMC 3aCTaBo,Uep}KaTeJlb a60 Horo npeJlCTaBHlIK Cill TpeT51 cTopoHa Ha BI1Mo1'Y 3acTaBo,Uep}l(aTeJ151. >I KUJ,O :3acTaIlOllep}IWTeJIb 13l1piWHTb l\iHTH Ha niJl,cTaBi npHBanIO'i yroAlI. Bill MO}J{e caM npoBecnl neperoBopH 3 OLlHvlM a60 ;;'b;'O"I,-: JIOTCHllii1lll1~111 floKymlHMH a60 Ha6yBa'IaMH 1"llaG)'Ball-TpCT5I CTopOHa") i BH3HalJHTH 3 HHMH UiHy npll1l6allll51 Ta iHwi yMOBII ,Uo1'oBopy KyniBJ1i-npo,Ua}Ky ilpCilMCTy 3aCTa13H. };YJlb-51]{I~1\ TaKHH Jlo1'oBip KyniBJlilIpo:Wiliy C"JI.oroBip npOJlaiKy npCJlMeTy 3aCTaBH") Yl\JanaCTbC513aCTaBOJ.l,epll<aTeJ1eM BiJl iMeHi 3aCTaBOnaBU51 3 lla6yButlcM-TpeTbolo CropOl!OIO, He nOTpe6ye }l(O,UHOI"O .1O;mTKOllom )],03BOJlY lJl~ 3rOJlH BitJ, iMeHi 3aCTaBOJlaBU5I i CTIlIiOBIITb3aKoHHy ninCTaBy ,UJ15I oTpHMaHH51 Ha6yBCl4eMrpCTbOIOCTOpOHOIO npaBa BJ1acHocTi Ha IlpeJlMeT 3acTaBH, 1110

(a) The Pledgee itself, or its assignee, shall have the right to accept ownership, possession and/or control of and/or sell, transfer or otherwise dispose of any or all of the Collateral at their then fair market value, as detem1ined by the Pledgee supported by a valuation of an independent appraiser selected by the Pledgee (the "Fair Market Value"). In the event the Pledgee or its assignee elects to accept ownership of the Collateral under this Agreement, the Pledgor agrees to promptly transfer or cause the transfer of the Collateral in full to the Pledgee or its assignee and to take any and all actions necessary to formalize or effectuate the transfer of Collateral to the Pledgee or its assignee, including, without limitation, to execute and deliver any agreement, documents or instruments confinning the Pledgor's agreement to the exercise of such rights by the Pledgee as the Pledgee may request in its sole discretion, to obtain any and all authorizations and governmental approvals, including without limitation, Title registration documents (if the respective Collateral is subject to mandatory registration), and executc and deliver any agreement or documents to enable the exercise of such rights by the Pledgee and the transfer of the Collateral to itself or to its assignee, and to take any other action as the Pledgee may demand in furtherance of this Section 3.2.1.

(b) Without prejudice to the exercise by the Pledgee of its rights under this Section 3.2.1, if any transfer of the Collateral to the Pledgee as contemplated by Section 3.2.1 requires that the Pledgee obtain any governmental approval for such trans fer, the exercise by the Pledgee of its rights under this Section 3.2.1 shall be subject to it having obtained such govemmental approval, and any delay in the exercise of the Pledgee's rights under this Section 3.2.1 as a result of it having to obtain such governmental approval shall in no way affect its ability to, or otherwise be viewed as a waiver of its, exercise of such rights.

3.2.2 Transfer by Public Sale or Private Transaction to Third Parties. (a) Any or all of the Collateral may be transferred or sold in one or more public sales or private transactions to be conducted either by Pledgee or its representative or a third party at Pledgee's request. To the extent the Pledgee elects to proceed with a private transaction, it may itself negotiate with one or more prospective buyers or transferees (the "Third Party Transferee"), and may establish with such Third Party Transferee(s) a purchase price and other terms and conditions for the purchase and sale agreement of the CollateraL Any such purchase and sale agreement (the "Collateral Sale Agreement") shall be entered into by the Pledgee with such Third Party Transferee, shall not require any further authorization or, consent on behalf of the Pledgor, and shall constitute a legal basis for the Third Party Transferee to receive and obtain the right of ownership in and to the Collateral being sold or

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transferred. The purchase price established in any such purchase and sale agreement with any Third Party Transferee shall be binding on the Pledgor. In the event that the Pledgee proceeds with a sale or transfer of the Collateral by one or morc public sales or private transactions, the Pledgor: (i) agrees that there shall be no requirement that the Pledgee seek recourse to or involve any arbitral authority or analogous party or other governmental authority in order to supervise, participate in, or confirm the results of any such private sale, transfer or negotiation, and (ii) that it is obligated to promptly take any and all actions necessary to formalize and/or effectuate the transfer of the Collateral to the Third Party Transferee, as the Pledgee, its assignee or such Third Party Transferee may request in their sole discretion, to obtain any and all other authorizations and governmental approvals, including without limitation, title registration documents (if the respective Colla(eral is subject to mandatory registration), and execute and deliver any agreement or documents to enable the exercise of such rights by the Pledgee and the transfer of the Collateral to such Third Party Transferee, and to take any other action as the Pledgee may demand in furtherance of this Section 3.2.2.

(b) Without prejudice to the foregoing and for the avoidance of doubt, if the Pledgee or its assignee elects to sell the Collateral under this Section 3.2.2 to a Third Party Transferee, the right of ownership to the Collateral shall be transferred to such Third Party Transferee on the basis of the Collateral Sale Agreement, and the Collateral Sale Agreement (supported by this Agreement and the Default Notice) shall serve as a valid and legal title transfer document evidencing the Third Party Transferee's right of ownership to the Collateral before any governmental authority and/or any other third parties, and which shall also, inter alia, serve as a basis to effectuate the title registration and issuing the title registration documents with respect to the Collateral in the name of such Third Party Transferee or its assignee (if the Collateral is subject to the state registration). (c) Without prejudice to the exercise by the Pledgee of its rights under this Section 3.2.2, if any transfer of the Collateral to any Third Party Transferee as contemplated by Section 3.2.2 requires that the Third Party Transferee obtain any governmental approval for such transfer, the exercise by the Pledgee of its rights under this Section 3.2.2 shall be subject to the Third Party Transferee having obtained such governmental approval, and any delay in the exercise of the Pledgee's rights under this Section 3.2.2 as a result of the Third Party Transferee having to obtain such governmental approval shall in no way affect the Pledgee's ability to, or otherwise be viewed as a waiver of its, exercise of such rights. 3.2.3 Without prejudice to any of its rights established herein or established by Ukrainian legislation, the Pledgee may elect to institute legal

3acraBH 3a piweHH5IM cy,Uy YH ap6iTpa)\(Horo opraHy GIJIOOBiUHOI lOpHC,UHKUiY a60 3a iHWHM lOPHL\H'IHI1M OpOBaUiKeHH5IM, 51Ke,U03B0J151E:TbC51 3aKOHO,UaBCTBOMY KpaiHH. 3,2.4 3acTaBo,UepiKaTeJ1b MQ)Ke, 6e3 Ha,UaHHll 3acTaBo,UaBlJ,10 nOBinOMJ1eHH51 a60 BHMOrH, 3,Uil1cHKlBaTH nJ1aTe)\(i Ta ,Uil, llKi GiHBBa>KaTHMe He06xi,UHHMH ,UJ1513axHcTy CBO'iX npaB Ha [lpcnMeT 3aCTaBH, y TOMy 4 HCJli CnJlaTY, npH,U6aHH51, JBiJ1bHeHH5I 3-ni,U 3acTaBH a60 OCKap)\(eHH51 6Y,Ub-51KOI iHwo'i JaCraBH,06T5I)\(eHH51 LlH 3aJJiKy, 51KiiCHylOTb, c a60 3a5lBJleHi 51K T8Ki, IlJ,Onepe,UyBaJlH CIHMalOTb npiopHTeT Ha,U 3acTaBoKl, i npo Ji\illcHeHHi TaKoro npaBa CnJlaTHTH Bci nOHeceHi y 3B'513KY 3 IlIIM BHTpaTH. 3.2.5 51Klllo iHwHM 'lHHOM np5lMO He BHMaraCTbC51 3aKOHonaIlCTIlOMYKpaYHH, 6YHb-51Ke 3BepHeHH5I CT51rHeHH5I Ha [lpcnMeT 3aCTaBH 3aCTaBoJ:\epiKaTeJ1eM LlO Horo lJ,ecioHapicM norawac 3a6e3nel.JeHi 3060B' 513aHH51 TiJlbKH y Me)\(aX qIBKTW-lHo'i CYMH, o,UepiKaHoi' 3aCTaBo,Uep)l(aTeJleM ("<DaKTH4IIa IlapTicTb"), 51KOIO 6y,Ue: (i) y BHna,UKY npI1HH51TT5I a60 Oi\epiKaHH51 3aCTaBo,UepiKaTeJleM 411 Horo lJ,eCiOHapicM IlpenMeTy 3aCTaBH y Bi,UnoBi,UHocTi 3 DyHKTOM 3.2.1 CnpaBe,Ll,JlI1Ba PI1HKOIla BapTicTb TaKoro DpeAMeTy 3acTaBI1 a60 Horo 'laCTHHI1 Ha ,UaTy Horo npI1I1H51TT51; a60 (ii) y pa3i BHKopHCTaHH5I 3aCTaBo,UepiKaTeJleM CBO'iX npaB Ha nepeJ:\ayy IlpenMeTy 3aCTaBI1 y BiAnOBi,Ll,HoCTi 3 lJ,HM )J,orOBopOM (paKrH'lHa cyMa y E:.BpO, o,UepiKaHa 3aCTaBOAep)\(aTeJleM ql1 IlccioHapicM B pe3yJlbTaTi peaJJi3alJ,i'i DpeAMeTy 3aCTaBI1 a60 6Yi\b-51KO'i Horo 4aCTI1HI1. DI1CbMOBe nOBiAOMJleHHll 3aCraBO,Ll,epil<aTeJl51 3aCTaBO.L\aBUKl npo CnpaBe,UJ1I1BY PI1HKOBY BapricTb (51KlllO 3aCTOCOBYKlTbC51 rrOJlOiKeHH51 DyHKTy 3.2.1), 6Yi\e nOKa30M prima facie cDaKTl1'-lHo'i BapTocTi Dpe,UMery 3acraBH CII1 'ix Bi,UnoBi,UI-IO'i4aCTI1HI1. 3.3 BincyTHicTb Bi,Ll,noBi,UaJlbHocTi. 3aCTaBo,UepiKaTeJ1b He HeceiKOnHo'i Bi,UnOBi,UaJ1bHOCTi B pe3yJ1bTaTi 3,UiilcHellH5I CBO'iX opaB a60 BI1KOpI1CTaHH513ac06iB npaBOBoro 3aXI1CTY 3a Ul1M J.\oroBopoM, He3aJJeiKHO BiA Toro, 911 BiH o,Uep)\(aB, npl1l1HllIl, HaGyB Bin BiAcTynJ1eHH51 110My ClH Bi,UcTymm, rrpI1HH51Il y BOJlonil1ll51 '111BJ1aCHicTb, nepe,UaB a60 npo,UaB (911 3a6e3ne'lHB nepenaqy a60 rrpoAaiK) Dpe,UMeT 3acTaBI1. 3.4 ITpaBa 3acTaBop,epiI<aTeJ151 w,op,o DpenMeTy 3acTaBI1. He3BaiJ(alocl\1 Ha 6Y,Ub-51Ki nOJlO>KeHH51 npo rrpOTI1Jle)\(He B UbOMY)J,oroBopi, BeCb 4ac, ,UOKH 3a6e3rreLleHi 3060B'513aHHll 3aJ1I1WaIOTbC51HeCnJ1aCleI-lHMI1, 3acTaBOp,epiI<aTeJ1b, Ha clliti BnaCHI1I1 p03Cy,U, Mac npallo Bip,cTynl1TI1 CBOi' npaBa Ha DpenMeT 3aCTaBJ.-I3a lJ,I1M)J,oroBopoM, aJJe J1l1we B Til1 Mipi, B ~Kjn BiH BinCTymlB CBO'i BiL,noBi,Ll,Hi npaBa 3a KpeAI1THI1MJ.-I AorOBOpaMI1. 3.5 TIpaBo 3acTaBogepiKaTeJ151 Ha BHKOHaHH51. 51KlllO 3aCraBO,Ll,aIleL\b He IlHKOHyC 6y,Ub-5l!w'j ,UoMOBJleHOCTi a60 J0601l'513aHH51, w,o MiCT51TbCll y lJ,bOMY )J,oroBopi, 3acraBonep>KaTeJ1b MOil<e, aJJe He 3060B '513aHI1H, caM BI1KOl-laTI1 860 3a6e3necll1TH IlHKOI-lal-IH5I TaKoi' nOMoBJ1eHocTi a60 3050B'513aHH5I, i 3aCTaIlO,Ll,aBeL\b nOBHHeH Ha BHMory 3acraBOnepil(aTeJ151 CBOeLlaCI-IO KOMneHcyBaTI1 BI1TpaTI1 3aCTaBOL\epil(aTeJlH, nOHecel-li HI1M y 3B'1l3KY 3 TaKI1M BIIKOllaI-lI-l51M. 3.6 I1pHnI1HeHH51 06TmKeHH51. )J,n51 YI-IHKHel-ll-l51 cyMI-lilliB, B pe3yJ1bTaTi npo,Ua>Ky, nepeL\aLli a60 iHworo Bi,UqYiKeHI-I51 DpenMeTy 3acTaBI1 BHaCJ1i,UoK 3BepI-leHH5I CT5lfHeHH51 I-Ia DpenMeT 3acTaBI1 TaJa60 Horo peaJJi3alJ,ii' y Bi,I(noBinHocTi 3i CraTTefO 3 rrpHnI1H51CTbC5I 3acTaBa Ha Dpe,UMeT 3acTaBH, W,o

proceedings to levy against the Collateral under the order of a COllli or arbitral authority of appropriate jurisdiction or under other legal process permitted by Ukrainian legislation. 3.2.4 Without notice or demand upon the Pledgor, the Pledgee may make such payments and do such acts as it may deem necessary to protect its rights in the Collateral, including paying, purchasing, discharging or contesting any other Pledge, lien or set-off that is or is claimed to be prior to or superior to the Pledge, and in exercising such authority to pay all expenses incurred in connection therewith. 3.2.5 Unless otherwise expressly required by Ukrainian legislation, any exercise of rights of foreclosure on the Collateral by the Pledgee or its assignee shall discharge the Secured Obligations only to the extent of the actual value obtained by the Pledgee (the "Actual Value") which shall be: (i) in the case of the Pledgee's or its assignee's acceptance or receipt of the Collateral under Section 3.2.1, the amount of the Fair Market Value of such Collateral or any part thereof as on the date of such acceptance, or (ii) in the case of the Pledgee's exercise of its rights to transfer the Collateral pursuant to this Agreement, the actual amount in EUR received by the Pledgee or its assignee as a result of the realization of the Collateral or any part thereof. The Pledgee's written notice to the Pledgor in respect of, in the case of Section 3.2.1, the Fair Market Value, shall be prima facie evidence of the Actual Value of the Collateral or the respective part thereof. 3.3 No Liability. The Pledgee shall not incur any liability as a result of exercising its rights or remedies under this Agreement, regardless of whether it receives, accepts, is assigned or assigns, takes possession or ownership of, or transfers or sells (or causes to be transferred or sold) the Collateral. 3.4 Rights of Pledgee in Relation to the Collateral. Notwithstanding anything to the contrary herein, for so long as any of the Secured Obligations remain outstanding, the Pledgee shall, in the exercise of its sole discretion, be entitled to assign its rights to the Collateral under this Agreement, but only to the extent that it has assigned its respective rights under the Facility Agreements. 3.5 Pledgee May Perform. If the Pledgor fails to perform any agreement or obligation contained herein, the Pledgee may, but shall not be obligated to, itself perform or cause the performance of such agreement or obligation, and the expenses of the Pledgee incurred in connection therewith shall be promptly reimbursed by the Pledgor upon demand of the Pledgee.

3.6 Termination of Lien. For the avoidance of doubt, any sale, transfer or other alienation of the Collateral resulting from the foreclosure and/or realization of the Collateral pursuant to this Article 3, shall terminate the Pledge over the Collateral which

6YB npl1 UbOMY npO,UaHI1H, nepe,UaHI1H a60 Bi,U4Y)l{eHl1ii y ilIUI!1f1 cnoci6, i 3aCTaBo,Uepn<aTenb 411 Horo uecioHapiH, Hn6YIla I(i)- Tp eT5I ( -i) CTopOlla(-H) a60 iHwHH( -i) nOKyneUb(-ui) tlH f1a6YBatl(-i) o,Uepn{aTb npaBo BnacHocTi Ha f1penMeT 3aCTaBI1, BiJ1bHHH Bi,U 6Y,Ub-51KHX 06T5I)I{eHb, y TOMi tIHCJ1i Bi)l uic'i 3acTaBH, a TaKO)l{ 6Y,Ub-51KI1X BHMor 3aCTaBO)laBU51 Ta/a60 a60 Horo KpenHTopiB. 3.7 CrpoK npHMycoBoro BYIKOHaHH5I. Y Bl1nanKY npHHH5ITT5I piUICHH51 npo npl1MycoBc BI1KOHaHH5I 3aCTaBI1, LUOnO 3aCTaBonepn<aTeJ151 He iCHye }KO,UHI1X06Me)l{eHb y 4aci, oKpiM 6YJ\b-5IKI1X 060B'513KOBHX crpoKiB n030BHoi' ,UaBHOCTi BiJ\nOBiLJ,HO )l0 3aKOHo,UaBcTBa YKpai'HH. 3 ypaxyBaHH5IM BIIU~C3a3Ha4eHoro, 3acTaBOnep}KaTenb MO)l{e, nOBHicTio Ha cBiH p03CyLJ" npHMycoBo BI1KOHaTH 3acTaBy HeraHHO nicJI5I BlIHI1KHeHH5I BI1na,UKY HeBHKoHaHH5I 3060B'513aHb a60 B 6y,Ub51KI1H tlaC ni3Hiwe. BY,Ub-5JKa 3aTpl1MKa y npHMycoBoMy BHKoHaHHi 3aCTaBI1 He BBa)l{aCTbC5I Bi,UMOBOIO 3ncTaBo,Uep}KaTen5I Bi,U npaBa 3acTaBo,Uep)l{aTen51 Ha npl1MycoBe BIIKOHaHH5I 3acTaBH.
l

have been so Pledgee or its other buyer(s) ownership in including this Pledgor and/or

sold, transferred or alienated, and the assignee, the Third Party Transferee(s) or or transferee(s), shall obtain the rights of~ and to the Collateral free of any liens Pledge, as well as any claims of the any of its creditors.

3.7 Enforcement Period. In deciding to enforce the Pledge the Pledgee is not subject to any time limits other than any mandatory statutes of limitations periods under Ukrainian legislation. Subject to the foregoing, the Pledgee may at its full discretion enforce the Pledge either immediately after the occurrence of an Event of, Default or at any time thereafter. Any delay in enforcing the Pledge shall not be deemed a waiver of the right of the Pledgee to enforce the Pledge.

3,8 f1pI1MycoBe BHKOHaHH5I B iHwHH cnoci6. 3aCTaIl0,Uep}KaTeJ1b Mae npaBO, Ha CBII1 Bl16ip, o,Uep}KaTH 3ajl,OBOJIeHH51 3a6e3neQeHHX 3060B'513aHb 3 f1pe,UMeTy 3aCTaBH y 6YLJ,b-51KHH iHWHH cnoci6, I-Ie 3a60pOHeHHH 3aKOHo,UaBCTBOM YKpa'r'H!I, i MOn(e 3,UiHCHHTH Bci iHwi npaBa Ta CKOpI1CTaTHC5I BciMa iHWHMH 3ac06aMl1 npaBOBoro 3axHcTy, ,UocTynHI1MI1 flOMy 3a 3aKOHo,UanCTBOM YKpai'HI1, ,Un5I npl1MycoBoro BIIKOHaIIH51uici' 3aCTaBH Ta/a60 3BepHeHH5I CT5IrHeHH5I Ha npCJ\MeT 3acTaBH. 3.9 HanXO,UlKeHH5I. KpiM Bl1na,UKiB, K0J111 3aKOHO)laBCTBOM YKpa"HH Bl1MaraCTbC51 iHwc, Ha,UXO,U)I{eHH5I Bi,U npo,UalKy npCLJ,McTy 3aCTaBH cnepwy BI1KOPHCTOBYIOTbC5I ,UJI5I OnnaTI1 Bci>: BflTpaT, a nOTiM ):\fl5I OnJIaTH iHwHx 3a6e3netleHl1X 3060B'513aHb y TaKoMy nop51,UKY, 5IK BH3Ha4eHO 3aCTaBOnep}KaTeJ1eM.

3.8 Other Enforcement. The Pledgee may chooseto obtain satisfaction of the Secured Obligations from the Collateral in any other manner not prohibited by Ukrainian legislation, and may exercise all other rights and remedies available to it under Ukrainian legislation -, to enforce this Pledge and/or foreclose on the Collateral.

3.9 Proceeds. Except as may otherwise be required under Ukrainian legislation, proceeds from the sale oL_ the Collateral shall be applied first to the payment of ali expenses, and then the repayment of the other Securec Obligations in such order as determined by the Pledgee. 3.10 General Rights. Without prejudice to any othel rights or remedies available to the Pledgee under Ukrainian legislation or otherwise, the Pledgee shall at~ all times during the Security Period have the right in it~ absolute discretion to take the following actions: (a) act as a third party in any judicial or arbitration proceeding in any dispute involving the Collateral; (b) delegate Pledgee's rights sees fit; and to any person(s) and powers under all or any of the this Agreement as i~

3.10 3araJIbHi npaBa. He 06Me}Ky10411 6y)lb-5IKi iHwi npaBa Ta 3ac06f1 npaBoBoro 3aXI1CTY, ,UocTynHi 3acTaBo,Uep)l{aTeJIIO niLJ,noBi,UHo no 3aKOHo,UaBCTBa Y Kpai'HI1 a60 iHwHM 4HHOM, 3aCTaBOLJ,ep}KaTeJIbBeCb 'lac ynponOB}K TIepio,Uy 3a6e3ne4CHH5I Mac npano 3,UiHCHHTI1Ila cBili BHKJIl04HHli p03cy,U TaKi ,Uii': (a) ni5IT11B 5IKOCTiTpeTbO', CTOpOHH B 6Y,Ub-5IKOMY Cy,UOBOMy a60 ap6iTpa)l{HoMy npoueci B 6Y)lb-5IKOMY cnopi, LUO CTOCYCTbC5I f1pe,D,MeTy 3acTaBH;
(b) neJ1eryBaTH 6Y,Ub-5IKii1 oc06i (6Y,Ub-51KI1M oc06aM) Bci a60 6y LJ,b-51KinpaBa Ta nOBI-roBa}KeHH5I 3acTaBo,Uep}KaTeJI5I 3a 11,llM ,[\oroBopoM, 51KBiH MOIKe BBalKaTI1 3a nOTpi6He; Ta (c) HaHMaTH areflTiB, MeHe,U)I{epiB, npauiBHI1KiB, pa,UHHKiB Ta iHwHx oci6 Ha TaKI1X yMoBax, 51K 3acTaBo,Uep)l{aTenb BllpiwflTb Ha cBiH BJIaCHI1H P03CY,U, ,Un5I 3,UiHcHeHH5I 6Y,Ub-5IKI1X npan, nOBHOBa}KeHb a60 ,Ul1cKpeuiHHHx npaB 3aCTaBOLJ,ep)l{aTeJ15I 3a UHM JJ:orOBopOM; 3a yMOBI1, LUO Y BllflaLJ,KY HeBHKOHaHH51 3060B'5I3aHb BHTpaTI1 Ha 6Y,Ub-5IKi IlllUl,C3a3HaQeHi ,Uii' nOKpI1BaIOTbC5I 3a paxyHoK 3acTaBo,UaBU5I. CTATT5I4 nPABO, IDO 3ACTOCOBYTbC5I, BI1PIllIEHH5I CnOPIB TA IOPI1CllHKUUI 4.1 DRaBo, 11(0 3acTocoBYE:TbC5I. f1paBa Ta 3060B'5I3aHH51 3a [(11M ,[\orOBopOM perymOloTbc5I Ta TJ1YMaLJaTbC5I y lliLJ,noniLJ,HocTi 3 MaTepianbHHM npaBoM YKpa'iHH. 4.2 BHRiweHH5I cnoRiB Ta l-OPl1cllHKu;i5I. Bci cnopH a60 npcTcH3iY, w.o BHHI1J<al-OTb3 Uboro JJ:oroBopy a60 y 3B'5I3KY 3

(c) employ agents, managers, employees, advisers and others on such terms as the Pledgee in its sole...... discretion shall determine to exercise any of thl Pledgee's rights, powers and discretions under thL Agreement; provided that, in the case of an Event of Default, the cost of any of the foregoing shall be at th,~' expense of the Pledgor. ARTICLE 4 LAW, ARBITRATION AND JURISDICTION 4.1 Governing Law. The rights and obligations under this Agreement shall be governed by ancL construed in accordance with the substantive laws 0 Ukraine. 4.2 Arbitration and Jurisdiction, All disputes or claims arising out of or in relation to this Agreemen~ GOVERNING

HilM, Bl1piwYK)Tbc51 BHKJlIO'IHO ap6iTpalKHI1M CYAOM Y Bi~noBiAHOcTi3 PemaMeHTOM JIoHAoHcbKoro Mi)l(HapOAHoro ap6iTpa)l<HOrocYAY (IJ1MAC"), pemaMeHT Ta npaBI1Jla 51Koro BBaiKaIOTbC5I BKJllOljeHHMI1 B uei1 DYHKT lllJl5lXOM nOCI1JlaHH5I Ha lillX, MicueM ap6iTpa>KY E: JIOHAOH (AHmi5l), Ta ap6iTpalI(HI1i1 P03rJlHA BeAeTbC51 aHfJliHCbKOIO MOBOIO. Ap6iTpa>K J.1iIiCHlOCTbC51 OAHI1M ap6iTpoM, a opraHOM, IUO i1oro npll3Ha'laC,6YAe JIMAC. HI. BY!TpaTH Ha ap6iTpa)\(J-IYIi1 P03rJl5lA (He BpaxoBylOljH D1ITpaT KOIKHOi'CTOpOHI1 Ha niAroToBKy AO npouecy, nepei'3A, BllliarOp0)lH IOpHCTaM a60 cxo)\d BI1TpaTI1) nOBI1HHi CIllla'lyBaTHcbBi.lJ,noBi.lJ,Ho .lJ,0 piweHH5I ap6iTpy. 412, PiweHH5I ap6iTpy E: OCTaTO'lHI1M Ta 060B' 513KOBI1M )lJl51 BliKOHaHH5I cTOpOHaMI1, a piWeHH51, BI1HeCeHe no ap6iTpa>KHoMy npouecy ap6iTpoM, MQ)Ke 6yTI1 3BepHeHe .lJ,0 BI1KOHaHH5I y 6Y.lJ,b~KOMY cy.lJ,i Bi)lnoBiAHoi' IOPilCAI1KUi'i. 5lKlU0 HeBilKOHaHH5I CTOPOHOlO 'piweHH5I ap6iTpa BHMarac Bi)l iHwoi' CTOpOHil JIlCplleHHil AO CYJW AJUI npI1l'vlycoBoro BI1KOHaHl-I5I TaKoro piuleliHil, TOAi He BHKoHylo'la CTopoHa Hece BiAnOBiAaJlbHiCTb nepen iHWOIO CTOpOHOIO 3a Bci BilTpaTil Ha TaKI1H Cy.lJ,OBHH npouec, BKJllOljalOljH BilnJlaTY 06rpyHToBaHI1X rOHopapiB IOpHcTaM. CTATT5I5 millI nOJIOJKEHHH

shall be resolved exclusively by arbitration in accordance with the Rules of the London Court of International Arbitration (the "LCIA"), which rules are deemed to be incorporated by reference into this Section. The place of arbitration shall be London, England and the language of the arbitration shall be English. There shall be one arbitrator and the appointing authority shall be the LCIA. Fees of the arbitration preparation, travel, attorneys' shall be borne in accordance arbitrator.
4.2.1. 4.2.2.

(excluding each party's fees and similar costs) with the decision of the

The decision of the arbitrator shall be final, binding and enforceable upon the parties and judgment upon any award rendered by the arbitrator may be entered in any court having jurisdiction thereof. In the event that the failure of a party to comply with the decision of the arbitrator requires any other party to apply to any cou!'t fo!' enforcement of such award, the non-complying party shall be liable to the other for all costs of such litigation, including reasonable attorneys' fees. ARTICLE 5 MISCELLANEOUS 5.1 Amendments and Waiver. No amendment of any provision of this Agreement, or consent to any departure by the Pledgor or the Pledgee therefrom shall be effective unless the same shall be in writing and signed by the Pledgor and the Pledgee. Any waiver or consent of the Pledgee shall only be effective if in writing and in the specific instance and for the specific purpose for which given. 5.2 Term of the Agreement. This Agreement shall enter into force upon its execution, and shall remain in effect until the date when the Pledgee confirms to the Pledgor in writing that all of its obligations under the Facility Agreements and this Agreement have been discharged in full. 5.3 Notices. Any notice or other communication to be given or made under this Agreement shall be in writing. Such notice or other communication shall be deemed to have been duly given or made when it is delivered by hand, airmail or facsimile transmission to the Party to which it is required or permitted to be given or made at such Party's address specified below or at such other address as such Party designates by notice to the Party giving or making such notice, application or other commun ication. 5.4 Counterparts and Language. This Agreement has been signed in two (2) original counterparts, each in the English and in the Ukrainian language, one counterpart for each of the the Pledgee and Pledgor. If there is any inconsistency between the English and Ukrainian versions, the English language version shall prevail; provided, however, that in case of ambiguity in the English language version of the Agreement recourse may always be made to the Ukrainian language version in order to clarify, insofar as possible, any ambiguity in

5,1 3MiHH Ta Bip,MoBa. EY.Qb-51Ka 3MiHa 6Y.lJ,b-51KOro 1I0110)KeHH51Uboro ,QoroBopy '111 3rO.lJ,a Ha Bi.lJ,XilJleHH5I 3aCTaBO)laBU5I a60 3acTaBOAep)\<aTen51 BiA 6Y.lJ,b-51KOro nOJ!OlKeHH5I Uboro ,QoroBopy 6y.lJ,yTb .Qii1CHI1MI1TinbKH y TOMy BlinanKY, 5lKlU0 BOIm oqJOpMJleHi B nl1cbMoBii1 epopMi i ninnYlcaHi 3acTaBoAaBueM Ta 3aCTaBOAep)l(aTeJleM. EYAb-51Ka BiJIMOBa '1H 3ro.lJ,a 3aCTaBO.lJ,ep)KaTeJl51 6y.Qe .QitlcHOIO TiJlbKY! Y pa3i rIHCbMOBoro oepopMJleHH51 B KOHKpeTHoMy Bilna.QKY Ta )J,Jl51 ,ollKpeTHI1X uinei1, .QJl5151KI1XBOHa Ha.QaCTbC51. 5,2 eTpOK )J,i'i. IJ,ei1 ,QoroBip Ha6Y!paE: QI1HHOCTi 3 MOMeHTy i1oro lIinrII1CaHH51, i i(iE: )10 )1aTI1 J-Ia.lJ,aHH5I 3aCTaBO.Qep)I<aTeJleM 3aCTaaO.QaBueai nl1CbMOBOro ni.QTBep.Q)\(eHH5I npo BI1KOHaHH5I oCTaHlliM Bcix 3060B'513aHb 3a Kpe.QI1THHMH .QorOBOpaMI1 Ta [HIM )J,OfOBOpOM 6yJlO BHKOHal1O y nOBHoMy 06C5I3i. 5.3 110Bi.QoMneHH5I. EY.Qb-51Ke nOBi.QoMneHH51 a60 iHwa KopecnoH.QeHui51, IUO MalOTb 6yTYI 3Aii1cHeHi a60 Ha.QaHi 3a Ul1M ,QoroaopoM, nOBI1HHi OepOPMJl5ITI1C51 nI1CbMOBO. TaKe nOBinoMJleHH51 a60 iHwa KopecnoH.QeHui51 BBalI<aIOTbC51 lIaJIC)I(IIl1M 'IHHOM Ha.QaHHMI1 a60 3.Qii1cHeHI1MI1, KOJlI1 'ix BpyqeHO OC06I1CTO, .QocTaBJleHO aBianowTolO, TeJleKCOM a60 aKcOM CTopoHi, 5lKii1 i'x BI1MaraCTbC5l a60 A03BOJl51E:TbC51 lIanaTI1 a60 3.Qii1cHI1TI1, Ha a)Lpecy TaKoi' CTOpOHI1, 3a3HaQeHY 1l1l)l('lC,a60 Ha iHwy a.Qpecy, 51Ky TaKa CTopOHa 3a3Ha411Tb y nOBinOMJleHHi CTOpOHi, IUO Ha.Qac a60 3.QiikHfOE: TaKe nOBi,QOMneHH5I, TaKy 3a5lBY a60 iHUly KopecnoH.lJ,eHuilo. 5.4 rJPHMipHI1Kil Ta MOBa. IJ,ei1 ,QoroBip ni.Qnl1caHI1i1 y L\BOX (2) 0pl1riHaJlbHl1x npl1MipHI1Kax, KO)l(HHi1 aHfJliHcbKoJ-O Ta YKpa'illCbKOJO MOBOIO, no OAHOMy npl1MipHI1Ky AJl5l 3acTaBOAep)KaTeJl51 Ta 3aCTaBo.QaBU5l. Y Bl1naAKY 6Y.Qb-5!f<O'i HCBi,Ql1oBiAHOCTi MilK aHfJliHCbKOIO Ta yKpa'iHcbKolO Bepci5lMI1 llbOfO )J,OfOBOpy, nepeBara HaL\aCTbC51 aHrnii1cbKii1 Bepcii'; aJle 3a yMOBH, w.o npH lleo.QH03Ha4HocTi aHrJlii1cbKo'i Bepci'i }.\oroaopy 3aB)KAH MQ)I(f-ia 3BepIlYTI1C5l AO Horo. yKpai'HcbKo'i Bcpci'i M5l 3'51cYBaHH5l, HacKiJlbKI1 ue MO)\(JlI1BO, 6Y.Qb-5lKO'i HconH03Ha4HocTi B aHfJlii1cbKii1 Bepcii' ,QoroBopy.

~ ~ BanIOTHe 3aCTepe)KeHHl1. )J:JIl1 OnJlaTI1 3a6e3ne'leHI1X 306oll'H3aHb, WO Bl1pa)l<eHi y 6Y.D.b-l1Kii1 iHWii1 BaJJIOTi, Hi)K na.'1I0Ta,Onep)KaHa a60 yTp I1MyBaHa 3aCTaBO,lJ.ep)KareJleM 3a IlIIM J(OrOBOpOM, 3aCTaBO,lJ.ep)KaTeJlb MO)l<e 'lac Bi,U 'lacy Kyllyllam 6Y,lJ.b-l1KY iHWy BaJJIOTY, 5IKy 3aCTaBO,lJ.ep)KaTeJlh RlI3llaC He06xi,lJ.HOIO a60 6a)!<aHolO, 3a 06MiHHI1M KypCOM "eliOT", iCHyI0411M Ha TOH 'lac Ta ,UocTynHI1M J\Jll1 3nCTaBOnep)l<aTeJll1, a 3aCTa80,lJ.aBeUb, B l1KOCTi OKpeMoro Ta I1C3nnC)KHOrO 3060B' 113aHHl1, n0811 HeH Bi,lJ.W KO,lJ.y BaTI1 3acraBOnep)l(aTeJllO Bci BUTpant, nOB'1I3aHi 3 raKOIO Kyni8J1elO. Y BllIIanKY, lIKJJJ.O cyMa, O,lJ.ep)I<aHa 3aCTaBO,lJ.ep)!<aTeJleM npl1 KOIIBCp1'auiY y Bi,lJ.llOBi,lJ.HOC1'i 3 UUM rIyHKTOM 5.5, C MeHWOlO 3a CyMy, 3a60proBaHy 3aCTaBO,lJ.aBueM 3a UI1M )J:oroBopoM, 3aCTaBonaBeUb 3060B'113aHl1M HeraHHo, Ha BI1Mory, CnJlaTI1TI1 3acTaBOnep)l(aTeJllO CyMy, l1KO'iHe ,UiCTac. 5.6 lloi-l3nbwa' CnJlaTa. 3aCTaBOlJ,aBeUb CW13'lyC a60 3a6c.3nellYc CllJlaTY, B TiM Mipi, B 5IKii1 ue ,lJ.03BOJleHO 3aKOHOnaBCTBOM Y Kpa'iHl1, Bcix iCHYIO'l11X Ta MaM6yTHix nonaTKiB, MI1Ta, 360piB Ta iHwl1x 060n'513KOBl1X nJlaTe)KiB 6ylJ,bHKoro xapaK'repy, B TOMy lll1cJli 13cix 1l0lJ,aTKiB Ha ,lJ.OlJ,aHY BapTic1'b, lIKi H3KJl3.Qa1OTbcil 13ilJ,l1013iIJ,Hl1M opraHoM IJ,ep)KaBHoi' BJJaI\lI 3apa3 360 B 6YlJ,b-5IKl1H iHWl1H 'lac y 3B'113KY 3 YKJJaneHHlIM1'a nilJ,Tpl1MaHl-ll1M IJ,iHCl-lOCTiUboro )J:orOBopy, a60 6YJ\b-lIKI1X nJlaTe)Kis a60 nepeKa3iB, 3IJ,iHCl-lel-lI1X 3aCTaBO.Qep)K3TeJleM ,lJ.JJ1I 3IJ,iHCl-lel-lHl1 a60 npl1MycoBoro BHKOllaHHlI6YJ(b-lIKI1X Horo np3B 33 UI1M )J:oroBopoM. Y 1'ii1 Mipi, .QO l1KO'i Ha 3aCTaBOlJ,ep)!<aTeJll1 nOWl1plOlOrbC5I 6YlJ,b-5IKi BiJlpaxYJ3aHH5I, yTpl1MaHH5I a60 nJlaTe)!<! 411 OnO,lJ.arKYBaHH5I 6YJ\h-iIKOro Bl1lJ,y CTOCOBHO 6YlJ,b-5IKl1X CYM, CnJla4eHI1X a60 ncpCKa3aHIIX 33 JjHM )J:orOBopOM, 6YlJ,b-5IKi TaKi CYMH, cnJ1a4eHi a60 nCpeKa3aHi 3aCTaBO.QaBueM a60 Bi.Q Horo iMeHi, nOBl1l-ll-li 36iJ1bIUYBaTl1C5IHacTiJlbKl1, uu06 3aCTaBOlJ,ep)KaTeJlb OlJ,ep)KaB normy CyMy, l1Ky 6 BiH Orpl1MaB, l1K6l1 He 6yJlo He06xi,lJ.Hocri J3HpuxyJ3aHl-ll1 6Y.Qb-lIKI1X TaKHx yTpwvlaHb, nJlaTe)KiB a60 iHWI1X
CyM.

the English language version of the Agreement. 5.5 Currency Clause. In order to cover the Secured Obligations expressed in any currency other than the currency received or held by the Pledgee under this Agreement, the Pledgee may from time to time purchase any other currency as the Pledgee considers necessary or desirable at the then prevailing spot rate of exchange available to the Pledgee and the Pledgor is to indemnify the Pledgee as a separate and independent obligation against the full cost of such purchase. If the amount received by the Pledgee when the currency is converted in accordance with this Section 5.5 is less than the amount owed by the Pledgor under this Agreement, the Pledgor is to immediately, on demand, pay to the Pledgee an amount equal to the deficit. 5.6 Further Payment. The Pledgor shall payor cause to be paid, to the fullest extent permitted by Ukrainian legislation, all present and future taxes, duties, fees and other charges of whatever nature, including any valueadded taxes, now or at any time hereafter levied or imposed by any relevant governmental authority in connection with the execution and maintenance of this Agreement or any payments to or remittances by the Pledgee in the exercise or enforcement of any of its rights under this Agreement. To the extent that the Pledgee is subject to any deduction, withholding or payment or imposition of any kind with respect to any amounts paid or remitted under this Agreement, any such amounts paid or remitted by or on behalf of the Pledgor shall be increased to such amount as may be necessary to yield and remit to the Pledgee the full amount it would have received had such payments been made without deduction of any such withholdings, payments or other impositions. 5.7 Severability. If any provision of this Agreement is held by a cOUli or arbitration tribunal of competent jurisdiction to be invalid, unenforceable or violative of any applicable law, it shall be deemed null and void to the extent thereof without affecting the balance of this Agreement or shall be interpreted to have minimum legal effect. If the invalid or unenforceable provision makes this Agreement inoperative, the Parties shall negotiate in good faith and shall agree on another provision(s) to substitute the invalid one, with the effect as close as possible to the original intentions of the Patiies contemplated in this Agreement.

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5.8 Indemnity. The Pledgor shall defend (with counsel satisfactory to Pledgee), protect, indemnify and hold harmless the Pledgee, its affiliates, and each of the respective officers, directors, participants, employees, attorneys and agents of the Pledgee and its affiliates (each an "Indemnified Party") from and against any and all documented liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature (including, without limitation, the disbursements and the reasonable fees of counsel for each Indemnified Party in connection with any investigative, administrative or

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judicial proceeding, whether or not the Indemnified PaIiy shall be designated a party thereto), which may be imposed on, incurred by, or asserted against an Indemnified Party (whether direct, indirect or consequential and whether based on any applicable laws or regulations, including, without limitation, securities, environmental and commercial laws and regulations or based on contract or otherwise) in any manner relating to or arising out of this Agreement, the Pledge or the Collateral, including, without limitation, in connection with the Pledgee's exercise of its rights and remedies hereunder, or any act, event or transaction related or attendant thereto; provided, however, that the Pledgor shall not have any obligation hereunder to any Indemnified Party with respect to matters caused by or resulting from the willful misconduct or gross negligence of such Indemnified Party. To the extent that the undertaking to indemnify set forth in the preceding sentence may be unenforceable because it is violative of any applicable law or public policy, Pledgor shall satisfy such undertaking to the maximum extent permitted by Ukrainian legislation. Any liability, obligation, loss, damage, penalty, cost or expense covered by this indemnity shall be paid to each Indemnified Pmiy on demand, and, failing prompt payment, shall be payable to the Pledgee on demand. The provisions of this Section 5.8 shall survive the repayment of the Secured Obligations and the termination of this Agreement. In addition to the foregoing, if the Pledgee incurs any expenses (including, without limitation, attorney's fees and other legal and out-of-pocket expenses) in connection with the preservation or enforcement of any of the Pledgee's rights under this Agreement as a direct or indirect result of an act or failure to act by the Pledgor in breach of this Agreement, the Pledgor will pay such expenses to the Pledgee plus in each case any value-added or other similar tax charged on expenses (and any such expenses shall be deemed Expenses hereunder).

5.9 Entire Agreement. This Agreement (including all Exhibits attached hereto and being integral parts hereof) constitutes the entire agreement of the Parties and supersedes all prior agreements, written or oral, between the Parties with respect to the subject matter of this Agreement (except and only to the extent as may otherwise have been expressly agreed to by them). 5.1 0 Assignment. The Pledgor may not assign any of its respective rights or delegate any of its respective obligations under th is Agreement to any third paIiies without the prior written consent of the Pledgee. The Pledgee may assign any of its rights or delegate any of its obligations under this Agreement to any third party concurrently with the assignment of its rights or delegation of its duties under the Facility Agreements without the consent of the Pledgor.

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5.11 Force Majeure. A Party shall not be liable for a failure to perform its obligations hereunder (other than an obligation to pay money) if the failure was due to occurrence of an event of force majeure. The Party claiming the benefit of this Section 5.11 shall have taken all reasonable precautions to avoid the event of force majeure. If a Party is delayed in performance or fails to perform due to the event of force majeure, it shall give the other Party, in writing within three (3) days from the moment of occurrence of the event of force majeure, written notice of such delay or failure, together with a statement of the facts upon which it bases its claim of force majeure. The Party so delayed or failing to perform due to the event of force majeure shall take all reasonable steps to minimise the effect of the event of force majeure. Occurrence and termination of the event of force majeure shall be evidenced by a document issued by the chamber of commerce and industry or other authorised body (person) of a country (location), where the event of force majeure has occurred and/or terminated. IN WITNESS WHEREOF, the Parties hereto have caused this Pledge Agreement to be duly executed and delivered as of the date first above written .

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Name of the capital asset

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BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX BOX

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KYIV - 251 13.05

18

39 40

26822 26823

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26826 26827 26828 26829 26831 26833 26834

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JACK 10-TON LIFTING CAPACITY JACK 10-TON LIFTING CAPACITY JACK 10-TON LIFTING CAPACITY JACK 10-TON LIFTING CAPACITY HYDRAULIC JACK 10-TON LIFTING CAPACITY HYDRAULIC JACK 10-TON LIFTING CAPACITY HYDRAULIC JACK 25-TON LIFTING CAPACITY JACK 25-TON LIFTING CAPACITY JACK 25-TON LIFTING CAPACITY JACK LIFTING CAPACITY

948 948

1 026 1 026

50 51 52 53 54 55 56 57

26835 26842 26843 26845 26847 26855 26856 26858

2/2
65 66 67 26874 26875 26876 HACOC nOPWH HPS-

2/2 PYLJHlI1l11
HACOC

2/2 PYLJHlI1l11
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2/2 PYLJHlI1l11
KYIV - 25113.05

25-TON LIFTING CAPACITY JACK 10-TON LIFTING CAPACITY JACK 10-TON LIFTING CAPACITY HYDRAULIC JACK 50-TON LIFTING CAPACITY HYDRAULIC JACK 10-TON LIFTING CAPACITY JACK 5-TON LIFTING CAPACITY ALL-PURPOSE JACKS 5-TON LIFTING CAPACITY ALL-PURPOSE JACKS 10-TON LIFTING CAPACITY ALL-PURPOSE JACKS 10-TON LIFTING CAPACITY ALL-PURPOSE JACKS 10-TON LIFTING CAPACITY ALL-PURPOSE JACKS 23-TON LIFTING CAPACITY ALL-PURPOSE JACKS 23-TON LIFTING CAPACITY ALL-PURPOSE JACKS 23-TON LIFTING CAPACITY ALL-PURPOSE JACKS 50-TON LIFTING CAPACITY ALL-PURPOSE JACKS MANUAL DISPLACEMENT H PUM MANUAL DISPLACEMENT OTHER MANUAL DISPLACEMENT OTHER PUMP MANUAL DISPLACEMENT PUMP OTHER

958 1 292 1 400 1 558 2388 6002

2017 2058 2017

19